Half a year earlier Flex secured $60m and labeled it a Series B. This week the firm announced another $70m round and chose to call it Series B1 rather than advance through the alphabet.

The financing was spearheaded by Halo, the investment vehicle launched last year by Qualtrics founder Ryan Smith, owner of the NBAs Utah Jazz and the NHLs Utah Mammoth, alongside his longtime partner Ryan Sweeney, a general partner at Accel.

Portage, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice and Florida Funders also participated.

Flex reports that the new capital lifts total equity raised to $180m, complemented by $300m in debt facilities. The team now numbers 110 and aims to exceed 200 employees by year end.

The companys focus remains tightly defined and, in its view, unoccupied. Flex offers what it describes as an AI-native private bank tailored to high-net-worth business owners in the middle market, individuals who simultaneously manage company finances and represent the firms wealthiest client.

"Middle-market business owners represent one of the most critical yet overlooked segments in global finance," said Zaid Rahman, Flex founder and chief executive.

He points to clients whose suppliers operate across the United States, Poland and Brazil, forcing them to layer two or three providers and absorb repeated fees simply to settle an overseas invoice.

Flex estimates the US market at roughly 350,000 such owners who generate about 40 percent of private-sector payroll, with a worldwide total near 3 million.

These figures underscore the firms observation that these owners operate across multiple entities, currencies and jurisdictions whether they intended to or not.

What Flex Global actually does?

The product introduced with the round extends the platform beyond US borders. Flex Global delivers stablecoin payment rails in more than 100 countries, multi-currency accounts in 76 nations spanning 32 currencies, institutional dollar accounts for non-US owners, private credit in over 20 markets, and unified cards issued across entities and regions.

Cross-border transfers settle in minutes instead of days, the company states. The stablecoin infrastructure stays invisible so an owner paying a supplier in Warsaw experiences the same flow as paying one in Dallas without ever accessing a wallet.

This emphasis on seamless execution rests on infrastructure that only recently matured. Visas settlement pilot reached a $7bn annualised run rate in April, up 50 percent from the prior quarter, while research by Artemis and McKinsey showed genuine stablecoin payment volume roughly doubled in 2025 to about $390bn, predominantly business-to-business.

Established players responded quickly. Mastercards $1.8bn acquisition of BVNK signaled that the technology had moved from experiment to core infrastructure, even as banks debate which AI developments will shape the coming decade.

Flex reports annualised payment volume has surpassed $10bn, expanding approximately fourfold year over year on a nine-figure revenue run rate, with revenue itself tripling since December.

Its largest customer segments by logo count include construction, wholesale and multinational operations.

Smith, participating as a strategic investor, framed the opportunity in familiar terms.

"Throughout my career I have supported entrepreneurs, and they consistently face the same issue: their business and personal finances are deeply connected, yet every bank treats them as separate clients," he said.

Beyond the investment, Halo contributes distribution reach across the NBA, NHL and Formula 1, an unconventional channel for banking services that aligns with Flexs focus on customers outside traditional Silicon Valley networks.

The platform already combines credit, banking, payment processing, bill pay, expense management, treasury and finance agents, including Beacon AI, into what Flex terms an agentic back office.

This positions the firm alongside other emerging agentic banking platforms designed to let software handle monetary movements.

Upcoming features include personal credit and rewards cards, enhanced treasury tools, travel services and mortgages. Whether owners of mid-sized construction firms will want their bank to arrange flights remains a question future funding rounds may address.