Flex, a U.S. artificial intelligence-powered finance technology startup targeting mid-sized business owners, has secured US $60 million in Series B funding, valuing the company at approximately $500 million, according to multiple industry reports.
The funding round was led by Portage Ventures and included participation from a range of institutional investors, marking a significant capital influx for the fintech firm. The latest equity raise brings Flex’s total funding to around $105 million to date.
Flex focuses on building an AI-native financial platform that integrates credit, business finance, personal finance, payments and related tools into a unified offering for mid-market companies generating between $2 million and $100 million in annual revenue, a segment the company refers to as “jumbo shrimps”. These businesses are often underserved by traditional fintech products and regional banks, executives and reporting noted.
In discussions with industry media, Founder and CEO Zaid Rahman said the new capital will be used to accelerate product development, deepen AI capabilities and expand Flex’s workforce, which currently stands at roughly 80 employees.
Flex’s platform has shown early traction, with reports indicating that its payments volume has grown to about $3 billion over the past year, reflecting rising adoption of its financial automation tools among mid-sized businesses.
The company is also planning to introduce additional products, including an invite-only consumer card aimed at high-value clients within its target customer base.
Analysts say the financing underscores continued investor interest in AI-driven fintech solutions that aim to modernise financial operations for businesses beyond small startups but below large enterprise scale, even in a capital environment marked by caution toward some segments of the tech sector.
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