Flex’s growth is evidenced by surpassing $1 billion in annualized total payment volume within 18 months of launching its card and bill pay automation product. The company is experiencing a 25% month-over-month growth rate and plans to expand its AI and B2B payments team using the new capital. Flex primarily generates revenue from transaction and interchange fees, as well as subscription memberships for its personal platform. The recent funding round was led by Titanium Ventures, with participation from several other investors, and the credit facility was provided by Victory Park Capital.
Key takeaways:
- Flex has raised $25 million in equity funding and secured a $200 million credit facility, with the equity funds raised at a valuation of just under $250 million.
- The company, which evolved from a construction platform to a fintech for business owners, offers an all-in-one finance platform for mid-market business owners.
- Flex's offerings include AI underwriting, AI invoice processing, and a business credit card with 0% interest for 60 days on all purchases.
- The company surpassed $1 billion in annualized total payment volume in 18 months and is growing 25% month over month, with plans to expand its AI and B2B payments team.