Flex has raised $70 million to expand its platform for high-net-worth business owners.
The fintech also said in an announcement that it had launched Flex Global, a service that connects local currency accounts, cross-border payments, and stablecoins for around-the-clock funds transfers. The company will also use the funds to double in size to more than 200 employees by year-end.
Halo Fund led the investment, which comes seven months after Flex raised $60 million in a Series B round. Portage Ventures, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice, Florida Funders, Spice, and others also contributed.
“Middle-market business owners are one of the most important and underserved customers in finance globally,” Flex founder and CEO Zaid Rahman said in a press release. “Depending on the type of owner, they’ll tell you their vendors are spread across the US, Poland, Brazil, etc; their accounts hold currency outside of just USD; and they have to oscillate across 2-3 vendors and layers of fees just to do business outside their country.”
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