Covington Advises Flex on $70 Million Series B-1 Equity Financing

LOS ANGELES/PALO ALTO— Covington advised Flex, an AI-native private banking platform for business owners, on its $70 million Series B-1 equity financing. The round was led by Halo Fund, the investment firm co-founded by Qualtrics founder Ryan Smith and Accel general partner Ryan Sweeney, with participation from Portage Ventures, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice, and Florida Funders. The financing brings Flex's total equity raised to $180 million.

Coming just months after its $60 million Series B in December 2025, the round will accelerate the launch of Flex Global, which extends the company's platform to high-net-worth business owners operating across borders. Flex has tripled its annualized revenue since the prior round and plans to more than double its team from 110 employees to over 200 by year-end.

The Covington team advising Flex included Tom DeFilipps, Yan Wang, and Austin Powell.