Fintech Super App Flex Raises $70M At $1.2B To Put Business Banking On Stablecoin Rails

California-based fintech Flex announced it raised $70 million in a Series B1 funding round that values the company at $1.2 billion. The round was led by Halo Fund and included Portage, Wellington and Crosslink Capital. The capital injection comes seven months after the startup's previous raise, during which it doubled its valuation and tripled its revenue. Founded in 2023 by Zaid Rahman, Flex operates a private banking platform called Flex Global that targets mid-market businesses generating $3 million to $200 million annually. The platform uses stablecoins as backend infrastructure to settle international transactions in minutes rather than days, a process the company says is invisible to users who do not need to understand cryptocurrency. Through a partnership with Column N.A., clients can use a Visa card and pay foreign suppliers. Flex plans to expand Flex Global to more than 100 countries and grow its team from 110 employees to over 200 by year-end. The company said its annualized payment volume recently crossed $10 billion, marking 4x year-over-year growth. Total equity and debt raised now exceeds $480 million.