Overview
- Flex said Tuesday it raised $70 million in a Series B1 led by Halo Fund and a person close to the deal put the startup’s value at about $1.2 billion.
- Concurrently the company launched Flex Global, a product that uses stablecoin rails to move money across more than 100 countries and to hold 32 currencies in multi-currency accounts.
- Flex reports a few thousand customers, roughly $10 billion in annualised payment volume and about fourfold year-over-year revenue growth, and plans to use the funds to expand abroad and grow headcount from about 110 to over 200 by year-end.
- The round included returning backers such as Portage Ventures and Crosslink Capital, and coverage notes that the company’s growth and volume figures are self-reported and have not been independently verified in light of recent fintech valuation swings.
- The move leans on recent regulatory and payment-network developments that make stablecoin settlement more practical; stablecoins are digital tokens pegged to fiat that let transfers settle in minutes rather than days, which could cut costs and speed payments for mid-market business owners.