Flex Elite: business and personal banking

Zaid Rahman is the Co-founder and CEO of Flex.

Flex is the AI native private bank for high net worth middle market business owners, headlined by it’s 60-day interest free credit card for businesses.

Flex just announced their $60 million Series B, as well as their new consumer product, Flex Elite, which pits it head-to-head against Amex for the consumer spending of some of the wealthiest people in America. It's products now spans from when a business owner first generates revenue, all the way to when they spend that cash personally.

This conversation goes inside how the company scaled from zero to a $70 million revenue run rate in two years, and everything Zaid learned along the way.

Thank you to Eric Bahn at Hustle Fund, Jeff Morris Jr. at Chapter One, Andrew Ziperski at General Catalyst, and Jared Thomas and Ewan Steel at Flex for helping brainstorming topics for the conversation.

Timestamps:

(1:44) Raising $60m to fix business finance

(3:23) Flex Elite: Personal + Business banking

(4:48) Jumbo shrimps: powering 40% of US payroll

(9:16) The forgotten mid market business

(14:01) “Flex fuels ambition”

(16:08) How to serve entrepreneurs in middle America

(22:58) Flex’s 5-pillar product suite

(27:12) Starting Flex to help construction companies

(31:51) Using AI to lend to mid-market customers

(40:22) Power of multi-product in fintech

(43:53) Zero to $3B in volume in 18 months

(44:43) Raising a bear market Series A in 2023

(51:00) How referrals landed their first big customers

(55:07) Flex’s playbook for 85% organic growth

(1:01:15) Dissecting various accents

(1:04:22) Building a quiet luxury brand

(1:09:33) Importance of customer happiness

(1:12:43) Why CEO’s should be the top sales person

(1:13:58) Building lots of in-house software

(1:24:33) PMF is like operating a popular restaurant

(1:30:49) How to raise a debt facility

(1:34:48) Recruiting is so crucial for startups

(1:39:00) Why VC’s hate lending businesses

(1:45:14) Underserved vs Underbanked in fintech

(1:48:02) Why business owners want personal + business banking

(1:54:49) Acquiring Maza, leaning in to M&A

(2:02:53) Most fintech companies look the same

(2:08:35) Founder group therapy with Eric at Hustle Fund

(2:11:50) The Thiel Fellowship’s 10% unicorn hit rate

(2:15:52) Lesson from the ruler of Dubai

(2:19:24) Building Flex’s risk underwriting engine

(2:26:58) Flex’s AI opportunity

Referenced

Try Flex: https://www.flex.one

Careers at Flex: https://jobs.lever.co/Flex/

Basel III https://en.wikipedia.org/wiki/Basel_III

Linguistic TikTok account: https://www.tiktok.com/@zaydupree

Lazy luxury: most worn shoes on private jets: https://www.wsj.com/style/fashion/lazy-luxury-sneakers-are-these-the-most-worn-shoes-on-private-jets-7801be30

Follow Zaid

Twitter: https://x.com/zaidrmn

LinkedIn: https://www.linkedin.com/in/zaidrahman

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