The funding will fuel the growth of its finance super app for small and medium businesses
Flex, formerly known as Flexbase, has secured $120m in a series A debt and equity funding round.
The round includes $100m in debt financing from CIM, and $20m in equity capital led by Florida Funders, with participation from Home Depot Ventures, MS&AD Ventures, Companyon Ventures and others.
The fresh funding will be used to fuel the growth of its finance super app for small and medium businesses (SMBs).
Along with the funding news, the Florida-headquartered fintech launched its Flex Credit Card, Flex Banking and finance super app for businesses to streamline their finances.
Flex’s core product is a credit card that caters to traditional small businesses that have been underserved by financial institutions and up-and-coming fintech platforms, Flex said in a statement.
Zaid Rahman, founder and chief executive officer of Flex, believes that while many companies have seen significant innovation in the last five years, very little has come to small businesses.
Rahman said: “Most B2B fintech companies serve Silicon Valley tech startups or large enterprise companies, neglecting small businesses that are struggling to find the credit and tools they need to effectively manage their finances.
“Flex’s new offerings focus on supporting small businesses by giving them the credit they deserve and providing the essential finance back-office tools they need to achieve success.”
Hadi Solh, co-founder of Flex, added: “Until now, no one has been able to consolidate all the financial services and workflows required to effectively build, manage and protect business owners’ finances in one platform.
“Flex is introducing the future of fintech by bundling services into one super app empowering founders, business owners and chief financial officers to grow their businesses.”
Saxon Baum, partner of Florida Funders, commented: “Flex is reimagining how finance is done at businesses and has a proven track record when it comes to supporting businesses to provide more than just a credit card but a platform to manage their entire financial life.”