According to Relio’s press release, the startup raised approximately EUR 634,000 in a first financing round, with the venture capital fund of the Swiss stock exchange operator SIX as one of the donors. Relio plans to build its digital business account around compliance, allowing SMEs to obtain an account with a Swiss IBAN quickly. As stated in Relio’s press release this process can normally take weeks, seeing as banks must confirm the identity of new customers, how the business model works and the source of funds, which can be more complicated for SMEs than retail customers.
In order to implement their concept as independently as possible, the startup plans to obtain a fintech license from the Swiss Financial Market Supervisory Authority (FINMA). Relio aims to use the funds from the investment round to expand its technical infrastructure to prepare for the company’s market launch by the time the fintech license is granted. Investor meetings for the upcoming seed funding are currently taking place.
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