Flex announces $120M in funding, banking and treasury products

Letter from the CEO

I’m excited to share that Flex has raised $100M in debt and $20M in equity. It’s a major milestone for our business, and one that comes with a host of updates, all aimed at furthering our vision of consolidating the financial services and workflows required to build, manage and protect business owner’s finances in one platform.

To support our SMB customers in accelerating their growth and reducing unnecessary spend, we offer the Flex Credit Card with 0% interest for 60 days on every purchase, ongoing. Customers pay no monthly or annual maintenance fees, no late fees, and the cards can be used anywhere Mastercard is accepted.

Businesses get unlimited physical and virtual cards with category and spending controls for smart expense management. Because we do true business underwriting, we’re able to give our customers much larger limits based on cash flow, not just cash on hand.

In addition to the card we’re pleased to announce Flex Banking. Flex Banking offers up to 4% yields on checking accounts and 1% cash back on debit card spend. Businesses can also manage multiple accounts under one entity for increased agility.

Giving our customers the ability to manage their cash all from one place is another step in the right direction of streamlining our customer’s finance management while also offering generous yield.

We’re also unveiling Flex Treasury which enables customers to diversify cash across up to 400 FDIC-insured banks, accessing up to $75M in FDIC insurance - a considerable increase over the standard deposit insurance limit of $250k.

These three products are built on the foundational finance super app features we began building under the name Flexbase, and now are part of the Flex financial ecosystem for the American businesses that make up the backbone of our country.

Flex finance super app includes not only credit cards, banking, and treasury products but also expense management and payments, offering a seamless digital end to end financial platform; customers can spend more time growing their business and serving the American people with their funds secure and cashflow healthy.

If you lead a business and want to accelerate your growth, I invite you to apply now on our new website: https://flex.one.