AI Startup Flex Doubles Valuation to $1.2B After $70M Funding Round
Synopsis
Flex has secured $70 million in fresh funding, valuing the AI finance startup at about $1.2 billion. The company also unveiled Flex Global, supporting payments across more than 100 countries.
The AI startup, Flex said it raised $70 million in a round led by Halo Fund, a venture firm co-founded by Utah Jazz owner Ryan Smith and Accel partner Ryan Sweeney.
The three-year-old startup didn’t disclose its valuation officially. Returning investors Portage Ventures and Crosslink Capital also participated in the new funding round.
Flex Targets Mid-Sized Businesses
Flex has now raised $180 million in equity and $300 million in debt funding. The company works primarily with mid-sized businesses generating tens to hundreds of millions of dollars in revenue a year.
It is one platform that brings together private credit, business finance, personal finance and payment tools into one service. It also features AI tools, such as Beacon AI, where business owners receive weekly information about their finances. It claimed a few thousand customers, is trending four times tops year over year, and is sitting on a nine-figure annualised revenue run rate.
Funds to Support Global Expansion
Flex said the new funding will be used for international expansion, increased marketing and increasing its staff to more than 200 employees by year-end from 110. It also introduced Flex Global, a stablecoin service that moves cash in more than 100 countries in minutes, enabling owners to keep 32 currencies.
Source: Reuters
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