AAF Management Ltd.

Congratulations Zaid Rahman, Hadi Solh and the team at Flex for raising a $25 million round at a $250 million valuation! Flex, which offers personal finance software and payments infrastructure for business owners, has raised $25 million in equity funding while securing a $200 million credit facility, it told TechCrunch exclusively. The equity funds were raised at a valuation of “just under $250 million.” The company last raised a $20 million Series A announced in September 2023. Flex was officially formed in 2022 by CEO Zaid Rahman after evolving from being a construction platform (operating under the name Flexbase Technologies) to a fintech for business owners. The company came out of stealth in September of 2023 with a business credit card and expense tracking product. Today, Flex markets itself as “an all-in-one finance platform for mid-market business owners to manage their finances from the time the owner makes revenue, to the time they personally spend it,” Rahman says. Rahman likens Flex’s offering to that of fintech giants Ramp and Brex but with a focus on mid-market business owners who are also CEOs of their companies rather than enterprises or venture-backed startups. “Business owners tend to co-mingle their personal and business expenses, deposits, and payments, leading to accounting reconciliation issues and cashflow gaps,” Rahman said. “Our growth validates the demand from business owners for an all-in-one ecosystem that?simplifies their finances.” Flex’s average customer makes $25 million in revenue a year. Many of the startup’s customers, Rahman claims, have switched from the American Express Centurion Card, commonly known as the “Black Card.” Flex, he said, offers things like AI underwriting as well as AI invoice processing and expense management, which automatically ingests and schedules bill payments for owners.?Its card also offers 0% interest for 60 days on all purchases. Titanium Ventures led Flex’s $25 million equity round, which included participation from Companyon Ventures, Florida Funders, MS&AD Ventures, AAF Management Ltd., and First?Look Partners. Victory Park Capital Advisors provided the $200 million credit facility. In total, Flex has secured $45 million in equity and $300 million in credit facilities with the debt exclusively funding its credit card offering, according to Rahman. While Rahman declined to reveal hard revenue figures, he told TechCrunch that the company surpassed $1 billion in annualized total payment volume (TPV) in 18 months after launching its card and bill pay automation product. It’s growing 25% month over month currently and Rahman expects to grow revenue by “5x” in 2025. https://lnkd.in/gxtdaaeA

Last month we published our second edition of ???? ?????????????????????? ???? ??????????????: ?? ?????????? ???? ?????????? & ???????????????????????? ?????? ??????????????????. You can check it out here: ?? https://lnkd.in/eNYibCMg As part of our team's research, we put together a market map of the VC Stack and expanded it in to a 2.0 version, check it out below! We cover everything from note taking apps, data extraction tools, deal sourcing, portfolio management, fund operations, diligence & research, marketing tools, and an entire deep dive on GPT plug-ins and AI agents. If you are a GP, LP or an angel investor, its time to modernize your internal software stack. #software #VCstack #venture #investing

Congratulations to portfolio company Drata for their acquisition of SafeBase! #acquisition #GRC #security #enterprise

We at AAF Management Ltd. are excited to publish Edition II of AI Innovations in Finance: A Guide to Tools & Applications for Investors. We published Edition I in May of 2024 and the research report was visited by over 2500+ global venture capital firms and venture investors. In this year's edition we cover over 200+ companies (142 VC-backed) & tools for investors. In aggregate, there has been over $8.4B in venture investments into the suite of products covered in this report. We highlighted select featured companies under each category to give you a deeper dive read into their respective products. Please see some of the brilliant founders and teams behind these products: Diligence/Research: Vela Partners?-?Yi?it Ihlamur Perplexity?-?Aravind Srinivas Data Extraction: Nanonets?-?Sarthak Jain Hebbia?-?George Sivulka Note Taking: Zocks | AI for Advisors?-?Mark Gilbert Granola?-?Christopher Pedregal Financial Modeling: Maybern?-?Ross Mechanic Portfolio Management: Vega-?Alexis Augier Deal Sourcing: Landscape ?-?Joe Perkins Originalis AI?-?Vic Singh Fund Operations: Arch?-?Ryan Eisenman Marketing Tools: Rollstack?-?Nabil Jallouli Synthesia?-?Victor Riparbelli Wealth Advisory: Farther?-?Taylor Matthews Read Full Report Here: https://lnkd.in/eBDQB7bd

Congratulations to portfolio company OneVest for securing a $20 million Series B led by Salesforce Ventures, Allianz Life Ventures and TIAA Ventures. OneVest, a comprehensive wealth management technology platform, today announced the closure of a $20 million USD Series B equity funding round. The round was led by Salesforce Ventures, with participation from new investors, Allianz Ventures and TIAA Ventures. Returning investors include OMERS Ventures, Deloitte Ventures, Fin Capital, Luge Capital, and Pivot Investment Partners. “We are tackling massive challenges in an industry that’s been traditionally slow to adopt new technologies. Having such esteemed investors solidifies our position to reimagine wealth management technology for enterprises across the U.S. and Canada,” says Amar Ahluwalia, CEO of OneVest. “With this new funding, we are poised to achieve our goal of becoming the leading wealth management platform in North America.” "OneVest is at the forefront of transforming wealth management technology by providing institutions with the tools needed to deliver personalized and scalable solutions,” said Zak Kokosa, Senior Associate, Salesforce Ventures. “We’re excited to support OneVest as they continue to set the standard for innovation in an industry poised for tremendous growth." The wealth management market is undergoing unprecedented change. An estimated $84 trillion will be transferred from Baby Boomers to their Gen X and Millennial heirs over the coming decades, and OneVest’s innovative platform is uniquely positioned to help enterprises adapt to these seismic shifts. OneVest’s cutting-edge platform is designed modularly and flexibly, allowing firms to roll out their full end-to-end solution, while large enterprises—including banks, Registered Investment Advisors (RIAs), asset management firms, and insurance companies—are able to pick and choose specific modules to modernize their wealth programs. Customers can save implementation time and cut down significantly on the cost of using various legacy vendors and manual processes. Additionally, the platform is highly configurable, enabling customers to offer tailored hybrid experiences for investors, and empower advisors to gain greater control and insights over their books of business." #fintech #wealthmanagement https://lnkd.in/gnp3TFH8

In 2024, the venture capital market grappled with macroeconomic pressures as rates remained elevated and inflation stick. This tightened liquidity and intensified investment scrutiny. Additionally, only ???????? ????????-???????? ???????????captured most of the $71 billion raised, leaving little room for emerging managers. Nevertheless, at AAF Management Ltd., we had another exciting year. We stayed heads down and continued to build our franchise investing in Pre-Seed, Seed and Series A early stage companies and backing emerging managers. Here are some highlights from the year: ? Our research report "AI Innovations in Finance: A Guide to Tools & Applications for Investors" was ???????????? ???? ???????? 2500 ???? ?????????? ???????????????? ?? ? We ???????? 3 ?????? ???????????? ?????????????????????? and ?????????? 9 ?????????????? ?????????????? ???????????? in to emerging managers ???? ? We minted ?????? ?????????? $1 ?????????????? ???????? ????????! In aggregate we had exits totaling $1.2 billion during the year ? ? Our portfolio companies closed 17 financing rounds raising $480 ?????????????? ???? ????????????-???? ?????????????? ?? ? Our top performing companies Jasper, Sure, Drata, Hello Heart, Flutterwave and OneVest won a slew of industry awards ?? ? Our General Partner Omar Darwazah made it on Kauffman Fellows Top 50 Fund Returners Index! 8 portfolio companies across the firm and in his angel capacity were unicorns minted at the early stage with a total enterprise value of $13.5 billion ???? ?? Access the full report here: https://lnkd.in/gK68v-B7 #venture #capital #franchisebuilding #tech #investments #VC

Portfolio company Current raises $200 million in new capital to accelerate growth and fast-track profitability in 2025. Congratulations Stuart Sopp and Trevor Marshall and the entire team! "Current, a leading consumer fintech banking platform transforming financial access for everyday Americans, announced extraordinary growth in 2024 including an over 90 percent increase in revenue. Following this record year, the company has secured?$200 million?in new capital to accelerate growth and fast-track profitability in 2025. The funding round featured continued support from existing investors Andreessen Horowitz, Wellington Management, and Avenir, with new participation from General Catalyst and?Cross River. General Catalyst's investment from its Customer Value strategy will drive strategic member acquisition and fuel efficient expansion toward profitability. Meanwhile, Cross River Bank is deepening its collaboration with Current by extending warehouse funding to bolster Current's Paycheck Advance and secured credit-building card offerings. This additional capital will strengthen Current's unmatched ability to build highly accessible financial solutions that seamlessly work together to solve the needs of its members, including faster paycheck access, savings pods, a dynamic secured charge card connected to members' spending balances, and earned wage access, which provides millions of Americans with critical financial flexibility when they need it most. "Millions of Americans are struggling with affordable access to liquidity and credit," said?Stuart Sopp, CEO and co-founder, Current. "Our record, market-leading growth is a testament to Current's unique ability to build solutions that work together synergistically to solve these needs and are available to everyone. This new capital provides us the most efficient way to scale these solutions, including providing even higher limits of our earned wage access product to more people and setting our company on the best path to long-term success, including reaching profitability in 2025." The additional capital will also support new product expansion at Current and the company projects continued rapid growth over the next year as it achieves profitability. "Current's tremendous growth this year showcases the true product-market fit it has unlocked," said?Roy Mabrey, General Catalyst. "We are excited to invest in the future of Current because of its demonstrated ability to scale with great unit economics and the key gap it is stepping up to fill in the market for millions of Americans who are struggling to make ends meet. We look forward?to supporting Stuart and the team as they continue to grow and be at the forefront of product innovation." #fintech #growthround #profitabilty #venturecapital https://lnkd.in/eC-h_iT4

We are excited to announce that Gen Digital (NASDAQ: GEN) will acquire portfolio company MoneyLion (NYSE: ML) for $1B cash! Congratulations Dee Choubey and the entire team! “Gen Digital Inc. (NASDAQ: GEN), a global leader dedicated to powering Digital Freedom through its family of consumer brands, announced today that it has entered into a definitive agreement to acquire MoneyLion Inc. (NYSE: ML), a leading digital ecosystem for consumer finance that empowers everyone to make their best financial decisions. With the addition of MoneyLion, Gen builds upon its mission, now empowering people to grow, manage, and secure their digital and financial lives. The Board of Directors of both Gen and MoneyLion have unanimously approved the proposed acquisition of MoneyLion by Gen for $82.00 per share in cash payable at closing, representing a cash value of approximately $1 billion. In addition, for each share owned, MoneyLion shareholders will receive at closing one contingent value right ("CVR") that entitles the holder to a contingent payment of $23.00 in the form of shares of Gen common stock (issuable based on an assumed share price of $30.48 per Gen share) if Gen's average volume-weighted average share price reaches at least $37.50 per share over 30 consecutive trading days from December 10, 2024 until 24 months after close. There can be no assurance that any payments will be made with respect to CVRs. It is expected that the CVRs will be listed on the Nasdaq Stock Market.” #acquisition #unicornexit #venturereturns https://lnkd.in/gD5rZ6b6

Congratulations to portfolio company Drata for being recognized on Fortune’s Cyber60 presented by Lightspeed. Check out the full list below ?? https://lnkd.in/gqjGwdWd #cybersecurity #compliance #automation

Portfolio company Jasper has been making incredible strides! Congratulations to the team for this year’s milestones! ??