Flex Raises $70M Series B1 at $1.2B for Private Banking

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Flex, based in San Francisco, California, has announced a $70 million Series B1 at a $1.2 billion valuation. Ryan Smith and Ryan Sweeney’s Halo Fund led the round, with Portage Ventures, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice and Florida Funders among the participants.

The raise arrives only months after a $60 million Series B in December 2025. Annualised revenue has tripled since then. Flex has now raised $180 million in total equity and $300 million in total debt to expand across business finance, personal finance, payments, private credit and ERP.

The company runs an AI native private banking platform aimed at high net worth business owners. In the United States alone roughly 350,000 such owners help drive 40% of private sector payroll, yet most still manage their financial lives through tools that treat the business and the owner as separate worlds. Globally an estimated 3 million owners sit at the centre of a meaningful share of private economic activity, and nearly all of them operate multi-entity, multi-currency and multi-jurisdiction by default.

With the funding, Flex is launching Flex Global, bringing stablecoin payment rails and wallets to more than 100 countries and settling cross-border payments in minutes. Headcount is set to double from 110 today to more than 200 by the end of the year.