Flex, a San Francisco-based fintech platform, has closed a $70 million funding round led by Halo Fund, pushing its valuation to roughly $1.2 billion. The capital will be used to build out stablecoin infrastructure for business banking, a bet that dollar-pegged tokens can serve as the plumbing beneath corporate payments rather than just another crypto product sitting on an exchange.

The round effectively doubled the company’s valuation. It also brings Flex’s total equity raised to $180 million, with an additional $300 million in debt facilities backing its operations. For a company that was running a $60 million Series B just seven months ago, that’s a steep trajectory.

From fintech to stablecoin rails

The platform already managed over $1 billion in annualized payment volume as of early 2025. With the new funding, Flex is rolling out stablecoin-native features including net-60 cards and streamlined cross-border payment capabilities.

Flex’s leadership team has deep roots in traditional finance. Shadman Ahmed, a key figure at the company, previously worked at JP Morgan and Citi. That pedigree matters here because the company is explicitly taking a compliance-first approach, positioning itself as the kind of stablecoin infrastructure that regulated institutions can actually touch.

The funding timeline tells a story

Flex’s fundraising cadence over the past year is worth examining. In December 2025, the company raised a $60 million Series B led by Portage Ventures. Three months later, in March 2025, it secured $225 million in combined debt and equity financing. Now, four months after that, another $70 million at a unicorn valuation.

That’s roughly $355 million in total financing in under a year.