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NEW YORK, NY — July 24, 2026 — Flexible Finance, Inc. (“Flex”), the financial technology company behind Flex Rent, today announced it has submitted applications to the Federal Deposit Insurance Corporation (“FDIC”) and the Utah Department of Financial Institutions (“UDFI”) to charter Flex Bank, a Utah state-chartered industrial bank.
The proposed bank subsidiary would give Flex an FDIC-insured institution to support its products and services as it continues to scale responsibly.
Renters using Flex Rent incur fewer late fees and penalties, see fewer credit inquiries and reduced serious delinquency, and rely less on payday loans and other high-cost credit, with no broader adverse effects on credit scores, delinquency, or collections activity. Properties offering Flex Rent see higher on-time rent payment rates, lower short-term delinquency, reduced vacancy, longer resident tenure, and improved net operating income.
Since 2019, Flex has processed more than $40 billion in rent for more than 3.2 million renters nationwide, helping them avoid more than $780 million in late rent fees to date. Flex for Good, an independent 501(c)(3) nonprofit funded by Flex and leveraging Flex’s technology platform at no cost, has provided more than $1 million in direct rental assistance to more than 800 households nationwide to help prevent evictions. Flex maintains unique consumer safeguards that ensure responsible use of credit to manage cash flow and avoid higher cost alternatives and harmful tradeoffs. Flex does not charge late fees, does not compound interest, and does not permit stacking of Flex Rent loans. Repayment is due in full before reuse. On time rent payments are reported to Transunion to help renters build their credit history.
The proposed bank would issue Flex’s core credit products, including Flex Rent, directly, helping responsibly scale its suite of products and services and providing Flex customers with access to FDIC-insured deposit accounts. This would help Flex expand access to its flexible payment solutions for essential expenses to more customers nationwide. Jeff Berkson, Flex’s Chief Banking Officer and former EVP Chief Risk Officer of WebBank, is proposed to serve as President and Chief Executive Officer of Flex Bank.
“A bank charter allows us to build directly on a foundation of federal deposit insurance and full state and federal bank regulatory oversight, strengthening the products millions of renters already rely on. Rent is the single biggest bill in most people’s lives, and it’s often the one least adapted to how they’re actually paid. This charter gives us a permanent, regulated foundation to keep closing that gap,” said Shragie Lichtenstein, Co-Founder and Chief Executive Officer of Flex.
The proposed bank would be headquartered in the Salt Lake City area and would operate nationally exclusively through digital channels.
About Flex
Flex is a New York-based financial technology company that helps people split large essential bills into smaller, more manageable payments. With over 3.2 million customers to date, Flex has processed more than $40 billion in on-time payments and has earned an average 4.8-star rating across more than 432,000 reviews. Flex provides financial technology services and does not operate as a bank. All loans, lines of credit, banking services, loan disbursements, and payment transmissions are provided by Lead Bank or Column N.A., Members FDIC. Learn more at getflex.com.
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