Flex raises $70 million B1 round, Delaware enacts digital banking

Flex announced a $70 million B1 financing that more than doubled its valuation from six months earlier, and Delaware Governor Matt Meyer signed three banking‑modernization bills on July 7 to align state law with emerging digital‑asset standards【1】【2】.

Flex’s financing and growth trajectory

The $70 million B1 round brings Flex’s total equity raised to $180 million and debt to $300 million, a capital base that will fund global expansion, marketing and a headcount increase to over 200 employees【1】. The round “more than doubled” the company’s valuation compared with the figure six months earlier, though the exact post‑money valuation was not disclosed. Flex’s own data show a ten‑fold jump in annualized total payment volume (TPV) from $1 billion to $10 billion within a year, underscoring rapid adoption of its four‑product platform for high‑net‑worth business owners【1】.

Delaware’s digital‑asset banking overhaul

On July 7, Delaware enacted the Banking Modernization Act (SB 16), the Money Transmission and Virtual Currency Modernization Act (SB 18), and the Payment Stablecoins Act (SB 19)【2】. The package updates the state’s banking code to expressly recognize digital assets, creates a new licensing regime for money‑transmitters and virtual‑currency firms, and establishes a stablecoin‑issuer framework that mirrors the federal GENIUS Act. Key requirements include one‑to‑one reserve backing, a two‑business‑day redemption window, a minimum $5 million capital base for new issuers, and monthly reserve reporting audited by public accountants.

Market and regulatory context

While Flex’s financing and Delaware’s legislative moves did not trigger immediate market swings—no specific equity, bond or currency reaction was reported—the developments signal heightened institutional focus on digital‑finance infrastructure. Flex’s expansion plans align with a broader trend of fintech firms seeking regulatory clarity, which Delaware’s reforms aim to provide for banks and stablecoin issuers alike. The state’s effort to preserve its status as a financial‑services hub reflects a competitive push among U.S. jurisdictions to attract digital‑asset businesses, a factor that could influence where fintech capital is deployed in the coming months.

What to watch

• Upcoming SEC filings or press releases from Flex that disclose the post‑money valuation and detailed use‑of‑funds breakdown.
• Implementation timelines for Delaware’s SB 16, SB 18 and SB 19 provisions, especially any regulatory guidance released within the next 12 months.
• Any market reaction from U.S. bank stocks or fintech indexes if the Delaware framework leads to new licensing activity or stablecoin issuance growth.

Flex’s $70 million raise and Delaware’s digital‑banking legislation together illustrate the accelerating convergence of fintech financing and state‑level regulatory adaptation, raising questions about how quickly the broader banking system will integrate these new digital‑asset capabilities.