Flex raises $120 million
Flex announced the closing of a $120 million Series A debt and equity funding round, which includes debt financing from CIM with an agreement to fund up to $100 million, and $20 million in equity capital led by Florida Funders with participation from Home Depot Ventures, MS&AD Ventures, Companyon Ventures and others. In addition to the funding news, the company has launched its Flex Credit Card, Flex Banking and finance super app for business owners to streamline the finance back office of businesses and accelerate their growth.
“While enterprises and modern tech companies have seen significant innovation in the last five years, very little has come to our main street small businesses that have been the backbone of this country, driving our economy forward. Most B2B FinTech companies serve Silicon Valley tech startups or large enterprise companies, neglecting small businesses that are struggling to find the credit and tools they need to effectively manage their finances. Flex’s new offerings focus on supporting small businesses by giving them the credit they deserve and providing the essential finance back office tools they need to achieve success.” – Zaid Rahman, founder and CEO of Flex.
Flex’s core product is a credit card that caters to traditional small businesses that have historically been underserved by financial institutions and up-and-coming FinTech platforms. The company offers 0% interest for 60 days on all purchases. The platform bundles every aspect of the back office, from banking to receipt capture, employee cards with specific limits, expense tracking and more, all in one place. With a demand from over 20,000 companies, Flex has moved beyond its initial construction focus to service industries such as logistics, trucking, farming, mom-and-pop service businesses, digital businesses, e-commerce companies, restaurants, real estate and more.