Flex today announced a $70 million Series B1, led by Ryan Smith and Ryan Sweeney’s Halo Fund with participation from Portage Ventures, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice, Florida Funders, Spice, and others. The round comes just months after the company's $60 million Series B in December 2025. Annualized revenue increased 3x since then as Flex accelerated private banking for high-net-worth business owners globally.

Halo Fund, co-founded by Utah Jazz and Utah Mammoth owner and Qualtrics founder Ryan Smith and Accel general partner Ryan Sweeney, brings a sports and entertainment platform spanning the NBA, NHL, and Formula 1. For Flex, the partnership pairs institutional depth with distribution into audiences that include millions of successful middle-market business owners and entrepreneurs, often in communities far beyond Silicon Valley, the exact customers Flex Global is built to serve.

With this round, Flex has now raised $180 million in total equity and $300 million in total debt for expansion across business finance, personal finance, payments, private credit, and ERP. Flex will double the team size from 110 employees today to more than 200 by year-end.

“Middle-market business owners are one of the most important and underserved customers in finance globally,” said Zaid Rahman, CEO and Founder of Flex. “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.” 

Silicon Valley built financial software for companies, and it built financial software for consumers. It largely missed the people who are both. In the US alone, roughly 350,000 high-net-worth business owners help drive 40% of private-sector payroll, yet most still run their financial lives through tools that treat the business and the owner as two separate worlds. Globally, an estimated 3 million such owners sit at the center of a meaningful share of private economic activity and nearly all of them are multi-entity, multi-currency, and multi-jurisdiction by default.

Ryan Smith, co-founder of Halo Fund and owner of the Utah Jazz and Utah Mammoth, led the round as a strategic investor and commented: "I've spent my career helping entrepreneurs win, and they all have the same problem: their business and personal financial lives are completely intertwined, but every bank treats them as two different customers, missing what they're actually trying to build. Flex is the first team creating a real private bank around the owner and the entire household's finances, and the gap they're filling is just as real globally as it is in the US. Zaid and the team have built an enduring business that is becoming an institution for the world's most ambitious owners."

A business built for global owners
The high-net-worth business owner rarely operates in a single country or a single currency. Today, Flex is launching Flex Global. Building financial infrastructure for that reality:

• Stablecoin payment rails and wallets in 100+ countries, settling cross-border payments in minutes
• Institutional USD accounts for foreign business owners who need access to the world's reserve currency
• Multi-currency accounts across 76 countries, supporting 32 currencies from USD to RMB to INR to MXN, so owners can hold, send, and receive in the currencies they actually operate in
• Private credit solutions in 20+ countries, extending Flex's underwriting well beyond US borders
• Cards issued to businesses operating globally, spanning entities and geographies under one platform

The result is a single financial home that follows the owner wherever their business takes them.