Flex

Flex, formerly known as Flexbase, primarily offers business expense cards, which function on credit. The platform enables companies to issue unlimited physical and virtual expense cards to their employees (with receipt capture, custom spending limits, and category restrictions) and expands the business credit limits as they grow. The cards reportedly offer 0% interest for 60 days.

In addition, the company offers other banking services such as maintaining accounts (where users can earn up to a 4% yield), accessing debit cards (from Thread Bank; with 1% cashback), and treasury management services (through ADM). Flex also offers financial insights and spend reports and helps streamline bookkeeping through its integration with QuickBooks.

Key customers and partnerships

Flex targets small and medium-sized businesses (SMBs), and, as of September 2023, it had reportedly served 25,000+ small businesses since launch (2020).

Funding and financials

Flex raised USD 120 million in September 2023, comprising USD 20 million in Series A funding (led by Florida Funders) and USD 100 million in debt funding (from Community Investment Management). The equity funds were earmarked for investment in recruitment across the product development and the sales and marketing teams. Meanwhile, the debt financing was earmarked to help finance Flex’s business expense credit card business.