Relay secures USD 19.4 mln in funding

Friday 14 May 2021 13:02 CET | News

Relay, a digital banking platform for small businesses, has raised USD 19.4 million in funding, including a USD 15 million Series A led by Bain Capital Ventures.

Relay plans to automate the finance function for small businesses via banking that integrates into the back-office systems business owners rely on. Their product improves financial visibility and security while reducing time spent on administration. They are building banking that is made for employer SMBs, offering customized functionality and support.

In addition to its Series A, Relay is also announcing a previously raised seed round of USD 4.4 million, led by Better Tomorrow Ventures with participation from Garage Capital, Panache Ventures, Tribe Capital and Amaranthine. This brings their total funding to USD 19.4 million.

Relay will use this funding to increase customer acquisition, grow the engineering and product teams, and further integrate its platform into the small business back office. This Series A will enable them to build workflows for bill payments, approvals, and reconciliation.

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Keywords: digital banking, banks, funding
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech