Covington Advises Flexbase Technologies on $120 Million Equity and Debt Financings

LOS ANGELES/PALO ALTO/WASHINGTON— Covington advised Flexbase Technologies, Inc., a financial platform for small businesses, which allows them to build, manage, and protect their finances, on its $120 million debt and equity funding. The funding consisted of $20M in Series A Preferred Stock equity capital led by Florida Funders with participation from Home Depot Ventures™, MS&AD Ventures, Companyon Ventures, and others, and a $100M debt facility from CIM Group. Covington advised on all equity aspects of both transactions.

Flex's core product is a credit card that caters to traditional small businesses that have historically been underserved by financial institutions and up-and-coming FinTech platforms.

The Covington team advising Flex included Tom DeFilipps, Christen Sewell, Jonathan Wakely, Yan Wang, Sachi Spaulding, Janine Slade, and Caterina Benson.