Flex raises $60M to scale its AI-native ‘private bank’

Fintech Flex has secured a $60 million Series B round, led by Portage, to aggressively scale its unified financial platform targeting high-net-worth middle-market business owners. The funding, which brings Flex’s total equity raised to $105 million, validates a strategy focused on a segment often ignored by both traditional banks and mainstream fintechs: companies generating $3 million to $100 million in revenue. Flex is explicitly positioning itself as an AI-native institution, building an “agentic underwriting system” and deploying AI agents across every product pillar—from expense management and payment workflows to cash management and back-office ERP functions. The core pitch is simple: these sophisticated business owners currently juggle a dozen disconnected systems for their business and personal finances. Flex aims to replace that fragmentation with a single “motherboard,” driven by AI, that acts as their “AI CFO.” The model is already showing hypergrowth. In the last 12 months, Flex quadrupled revenue and tripled its annualized total payments volume to $3 billion. This efficiency is directly tied to its AI architecture, which allows the company to operate with a structurally lower cost base and leaner headcount than competitors. The AI-Powered Private Bank Flex’s AI-driven approach is most critical in its private credit arm. By using agentic systems to deeply understand every business, Flex claims it can price risk with greater precision than traditional lenders. This vertically integrated capital engine creates a powerful feedback loop: more customer volume leads to smarter risk models, which improves unit economics and allows Flex to offer a true one-stop shop for credit. The company is also expanding its consumer footprint, today launching Flex Elite, an invite-only consumer card and membership designed to directly compete with high-end offerings like the Amex Centurion. This move solidifies Flex’s goal of becoming the complete private bank for this affluent segment, bridging the gap between business earnings and personal wealth management—all unified under a single, AI-optimized platform. As CEO Zaid Rahman noted, Flex focuses on helping ambitious owners “make more money,” rather than just saving large enterprises money, a mission now powered by a team of high-quality finance agents running the back office.