Flex raises $70 million B1 round to expand stablecoin banking platform

Flex said it raised a $70 million Series B1 led by Ryan Smith and Ryan Sweeney’s Halo Fund, just months after a $60 million Series B in December 2025, bringing total equity raised to $180 million and total debt to $300 million. The company said annualized revenue has tripled since that earlier round and that it has surpassed $10 billion in annualized total payment volume, up roughly fourfold year over year at a nine-figure annualized revenue run rate. The financing coincides with the launch and expansion of Flex Global, a private-banking and payments platform for high-net-worth business owners operating across multiple entities, currencies and jurisdictions. Flex Global offers multicurrency accounts supporting 32 currencies in 170 countries and regions and serves clients with $3 million to $200 million in annual revenue. Flex has also said the product includes stablecoin payment rails and wallets in more than 100 countries, institutional U.S. dollar accounts for foreign business owners, private credit solutions in more than 20 countries, and cards for globally operating businesses. Flex, launched in 2023, said it will use the funding to expand across business finance, personal finance, payments, private credit and ERP, and plans to more than double headcount to over 200 employees by year-end from 110 today. The company has framed the product around growing enterprise adoption of stablecoin settlement for cross-border payments, arguing that owners should not need to interact directly with wallets for funds to move internationally within minutes.