Halo Fund leads $70M investment into AI-Native Private Banking Platform Flex to accelerate the launch of Flex Global 

The pre-emptive $70 million equity funding comes just six months after the last round as Flex expands its AI-native private banking platform to 100+ countries on stablecoin rails, banking and moving owners’ money globally in minutes, not days.

San Francisco, CA — July 14, 2026; 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.

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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.

The company today

• Flex has crossed $10 billion in annualized total payment volume, growing roughly 4x year-over-year at a nine-figure annualized revenue run rate
• The average Flex customer now uses four or more products on the platform, a signal of the compounding relationship Flex is built to create, where each product deepens the value of the next
• Flex’s three largest business categories by logo count are construction, wholesale, and multinational businesses

Why now

For two decades, fintech served two markets: mass-market banking for consumers, and corporate workflows for venture-backed startups and large enterprises. It largely bypassed the high-net-worth business owner, who operates across multiple entities, currencies, and jurisdictions, because the rails to serve them globally didn’t exist. Over the past eighteen months, they arrived. Stablecoin legislation in the US and Europe made the rails enterprise-ready, the world’s largest payment networks moved from pilots to production, and Visa’s stablecoin settlement volume reached a multibillion-dollar annualized run rate. Real-economy stablecoin payment volume roughly doubled in 2025, the majority of it B2B.

Flex’s bet is that the winners of this shift won’t be the companies that make owners think about stablecoins, they’ll be the ones that make the rails invisible. Flex Global embeds stablecoin settlement underneath a full private-banking relationship: an owner pays a vendor in Warsaw or Mexico City the way they’d pay one in Dallas, with AI helping them make decisions across their entire balance sheet. The customer never touches a wallet; their money simply moves in minutes.

What Flex is building

Flex is the AI-native private banking platform for high-net-worth business owners in the middle market globally, built around five pillars: private credit, a business-finance stack, a personal-finance stack, payments, and an agentic back office finance operating system built for middle-market companies. Today the platform brings together credit, banking, payment processing, bill pay, expense management, treasury, and enterprise finance AI agents including Beacon AI. Over time, Flex plans to expand its global banking, personal credit and rewards cards, treasury, travel, and mortgage offerings.