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Flex, a US-based business and personal finance platform, has named Michael Barrett as its chief technology officer, effective immediately. Barrett arrives at Flex following a six-year stint leading engineering efforts at Chime, where he guided technical operations through the fintech’s public listing and ascent to an $11 billion valuation.

At Chime, Barrett served as VP of engineering for the company’s Spending unit for the past three years, overseeing hundreds of engineers across teams responsible for developing and deploying the firm’s card programme and proprietary fintech infrastructure.

His remit included payment processing, ledgering, and core banking systems. Barrett’s earlier career includes senior technical roles at Modsy as VP of engineering, RemindHQ as head of infrastructure engineering, and Eventbrite as principal systems engineer.

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Barrett will oversee the company’s expanding suite of products, which currently includes AI-driven personal and business banking services spanning accounting, private credit, billing, and payments. The company currently offers 24 products, with additional offerings in development.

Announcing his appointment on LinkedIn, Barrett states that he has joined Flex to help serve what he describes as “one of the most underserved customers in finance” by building an “AI-native private bank for middle-market business owners”. His hiring comes hot on the heels of Flex’s $70 million Series B1 funding round secured earlier this month.

The round, led by Halo Fund, will support product development and a significant expansion of the company’s workforce, with plans to grow from 110 employees to more than 200 by the end of 2026. Barrett notes that the company is “hiring across the board, from engineering to product, design, go-to-market, operations, and more”.

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As the fintech industry continues to evolve, the need for innovative solutions that cater to underserved customers is becoming increasingly important. This is particularly true for middle-market business owners, who often face unique challenges in managing their finances. By building an AI-native private bank, Flex aims to address these challenges and provide a more streamlined and efficient banking experience.

Barrett’s vision for Flex is to create a platform that leverages the power of AI to provide personalized banking services to its customers. With his expertise in engineering and fintech, he is well-positioned to lead the company’s efforts in developing and deploying new products and services.

Flex’s expansion plans are expected to have a significant impact on the fintech industry. The company’s focus on AI-driven banking services is likely to attract attention from investors and customers alike. It will be important to monitor Flex’s progress and see how its innovative approach shapes the future of finance.