Flex Raises $60M Series B to Build the AI-Native Private Bank for America’s Most Overlooked Wealth Segment

Flex has secured a $60 million Series B equity round led by Portage, and additional participation from Titanium Ventures, Wellington, Crosslink Capital, Companyon Ventures, Spice Expedition, Florida Funders, FirstLook Partners, MS&AD Ventures, Restive and others. This brings its total equity raised to $105 million and marking another milestone in what has become one of fintech’s most compelling growth stories. Over the past year, the San Francisco–based company has quietly reshaped the financial infrastructure for high-net-worth, middle-market business owners—a segment responsible for nearly 40% of American payroll yet historically underserved by both consumer banking and enterprise fintech platforms.

The company’s trajectory has been striking. Flex has quadrupled revenue in twelve months and increased annualized payments volume from $1 billion to $3 billion while running a capital-efficient model that has caught the attention of investors. The latest raise follows a $200 million debt facility and an additional $25 million in equity earlier this year, reinforcing Flex’s momentum as it builds a unified financial ecosystem designed to handle every dimension of a business owner’s money—from operating capital to personal wealth.

A Single Financial System for a New Kind of Customer

Running a profitable middle-market business is increasingly complex. Owners often juggle more than ten financial systems, scattered dashboards, and disjointed cash-flow tools just to keep their companies running. For those who also manage significant personal wealth, the fragmentation only multiplies. Flex was built to eliminate that friction by offering an all-in-one platform that merges business finance, personal banking, credit, payments, and wealth operations into a single experience.

The company targets a customer that traditional fintechs have often skipped over: business owners generating between $3 million and $100 million in revenue. They are sophisticated, they are financially active across multiple domains, and they represent one of the largest value pools in the U.S. economy. Yet until now, no modern platform has been tailored to the way they actually earn, manage, move, and spend their money.

Flex is changing that equation with five integrated pillars: a private credit engine, a business finance stack, a personal finance platform, payment solutions, and an ERP built specifically for middle-market operators. On average, customers now use four or more Flex products—evidence that the platform is becoming ingrained across both business and personal financial workflows.

Flex Elite and the Expansion Into Personal Finance

Coinciding with its funding announcement, Flex is unveiling Flex Elite, an invite-only consumer card and membership designed as a direct competitor to the Amex Centurion. The product represents more than just a premium card; it signals a strategic expansion into the personal financial lives of business owners, offering rewards, membership benefits, and consolidated visibility across both sides of their balance sheet.

By connecting business spending, personal spending, and credit needs into one ecosystem, Flex positions itself as the private bank this segment has never had—a unified command center for managing wealth, cash flow, risk, and long-term financial planning.

An AI-Native Architecture Built for Scale

While Flex’s product breadth is impressive on its own, the company’s AI-native architecture is what truly distinguishes it. Flex has been building agentic AI systems across every product pillar, weaving intelligent automation into both customer experience and internal operations. These agents include underwriting models capable of deeply understanding a business’s financial DNA, expense and payment agents, cash-management automation, and ERP-level back-office agents—each contributing to what Flex describes as a single “motherboard” of financial intelligence.

For business owners, these AI systems manifest as Owner Insights, an experience that synthesizes real-time operational data into guidance resembling an AI-powered CFO. For Flex itself, the agents reduce operational overhead and allow the company to scale without the bloated headcount common in financial institutions.

This AI engine also strengthens the firm’s private credit arm. With agentic underwriting capable of pricing risk more precisely than traditional manual processes, Flex can originate, service, and expand credit offerings while creating a defensibility loop: more customers generate more data, which enhances models, which improves risk accuracy, which accelerates growth.

Perhaps the strongest example of this flywheel is Flex’s Business Credit Card, offering a 60-day float on every transaction. It has become the company’s wedge product—often the first step that leads owners to replace legacy banking, payments, working capital, and expense systems entirely with Flex.

The Future of Banking Will Be AI-Native, Not AI-Assisted

Flex’s fundraise and rapid ascent hint at something larger happening across financial services. The next era of banking won’t be defined by AI-assisted workflows layered on top of legacy systems. It will be defined by AI-native architectures where credit decisions, back-office operations, financial analysis, reconciliation, compliance, and personalized insights are handled by autonomous agents that understand each customer’s financial reality in real time.

For high-net-worth business owners—whose financial lives span corporate and personal assets—this model unlocks precision, speed, and intelligence that traditional banks cannot match. Flex’s vision of an AI-powered private bank is less a futuristic bet and more a preview of where the industry is headed. As these agentic systems evolve, business owners may eventually rely on autonomous financial teams that operate continuously in the background, optimizing cash flow, forecasting risk, orchestrating payments, and shaping long-term wealth strategies.

Flex is building that future today. And with a fresh $60 million to scale, it is positioning itself at the center of an AI-driven transformation that may redefine what banking looks like for the next generation of wealth creators.