Flex, a business expense credit card management platform, has raised USD 120 million in funding, comprising USD 20 million in Series A funding (led by Florida Funders) and USD 100 million in debt funding (from Community Investment Management). Several other investors including Home Depot Ventures, MS&AD Ventures, and Companyon Ventures, participated in the equity funding round.

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. 

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 for their employees (with receipt capture, custom spending limits, and category restrictions) and also expands the business credit limits as they grow. The cards reportedly offer 0% interest for 60 days.

Analyst QuickTake: Flex joins several other business expense and payout management solutions providers that have raised funding rounds of more than USD 100 million this year. This includes Ramp ( USD 300 million in August ), Zip ( USD 100 million in May ), Tipalti ( USD 150 million in May ), and PayEm ( USD 220 million in January ).