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Swiss fintech Relio raises EUR 3 million in seed financing round

Tuesday 10 January 2023 15:49 CET | News

Switzerland-based fintech Relio has received seed financing of EUR 3 million. 

The team aims to use the fresh capital to launch a digital business account. In addition, the fintech aims to push forward its technical infrastructure and the obtainment of a Swiss Financial Market Supervisory Authority (FINMA) fintech license. TX Ventures, SIX Fintech Ventures and High-Tech Gründerfonds are among the main investors for the fintech, which was founded in 2020. Other investors include F10, Elsa Invests, DaFund, QBIT Capital and several business angels.

 

Need for faster compliance processes

According to a Relio representative, many neo-banks are still reaching their limits with corporate customers due to compliance processes. The risks of fraud and money laundering are higher with international money flows and complicated models and ownership. Due to the extensive due diligence, such customers often wait weeks for an account to be opened or accounts are frozen preventively until they have been checked manually. With its algorithm, Relio aims to carry out these checks faster. 

What Relio offers

Relio offers digital accounts with a Swiss IBAN, specially developed for business customers. Businesses can provide their teams and employees with physical and virtual cards and set individual budget limits. Relio offers options for businesses of any size, including freelancers, startups, and SMEs. Users will pay a fixed monthly fee, without any additional hidden costs. This also means that businesses will receive a price tailored to their company needs.

Switzerland-based fintech Relio has received seed financing of EUR 3 million. 

Customers will be able to exchange money and hold multiple currencies in separate wallets. Additionally, Relio enables users to make international transactions without additional fees or hidden costs. It is also possible for users to integrate various business and accounting software tools. Relio’s service is currently in development and will launching soon. 

Services launching soon

Interested businesses can already pre-register and be among the first to use the Swiss digital account. To do this, businesses must type in their email address to start their application. Following this, companies can answer questions about their needs, with which Relio will provide a tailored price offer.

Swiss National Bank for customer funds

Each registered user will have a personal contact person at Relio who will assist them. Customer funds get deposited at the Swiss National Bank and cannot be used for risk transactions, investments, or other purposes. Due to these restrictions, Relio's deposits are not covered by deposit insurance.


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Keywords: investment, funding, banking, bank account, financial services
Categories: Banking & Fintech
Companies: Relio
Countries: Switzerland
This article is part of category

Banking & Fintech

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Relio

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