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About Relay Financial
Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
Series B
Total Funding
$50.2M
Headquarters
Toronto, Canada
Founded
2018
Overview
Relay Financial offers an online banking platform tailored for small businesses, consolidating various financial transactions like ACH transfers and payouts from services such as PayPal and Stripe into one easy-to-use interface. By partnering with Thread Bank, Relay Financial ensures secure deposits with FDIC insurance coverage up to $3,000,000 and provides competitive annual percentage yields (APYs). The platform operates on a subscription model, offering features like income tracking and automated bookkeeping to simplify financial management for business owners. Relay Financial's goal is to become an essential tool for small businesses, helping them optimize their financial operations.
Simplify's Take
What believers are saying
- Relay secured $32.2 million in Series B funding for product development and expansion.
- The rise of embedded finance allows Relay to enhance its platform's value proposition.
- Relay's focus on cash flow clarity aligns with the growing demand for data-driven decisions.
What critics are saying
- Increased competition from fintech startups could erode Relay's market share.
- Economic downturns could decrease small business formation, impacting Relay's customer base.
- Potential regulatory changes could increase compliance costs for Relay.
What makes Relay Financial unique
- Relay offers up to 20 individual accounts for detailed income and expense organization.
- Relay provides FDIC insurance coverage up to $3,000,000 through a deposit sweep program.
- Relay integrates with accounting software like QuickBooks Online and Xero for seamless bookkeeping.
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Funding
Total Funding
$50.2M
Meets
Industry Average
Funded Over
3 Rounds
Industry standards
Benefits
Health Insurance
Dental Insurance
Vision Insurance
Company Equity
Paid Vacation
Paid Sick Leave
Parental Leave
Hybrid Work Options
Professional Development Budget
Growth & Insights and Company News
6 month growth
↑ 1%1 year growth
↑ 2%2 year growth
↑ 5%The Entreprenista 100 Awards highlights the Top 100 Women Business Owners of 2024NEW YORK, Feb. 3, 2025 /PRNewswire/ -- The Entreprenista League, a leading membership community for ambitious, entrepreneurial women, is excited to announce its call for applications for its third annual Entreprenista 100 Awards
To pave the way for expansion into new areas, such as spend management, credit, and financial APIs, Relay recently closed a $32.2 million Series B round led by Bain Capital Ventures with participation from BTV, Garage, Industry Ventures, and Tapestry.
To support expansion into new areas such as spend management and financial APIs, Relay closed a $24 million Series B round led by Bain Capital Ventures, bringing the total raised to $51.6 million.
Digital is a one-way street. And that street is being populated by B2B firms who aren’t looking back after embracing digital innovation to both compete in new markets while at the same time transform their existing commercial relationships. This digital shift is fostering a more agile and responsive business environment, where data-driven decision-making is paramount. It is also driving a cultural shift within organizations as they adopt a more collaborative, innovative and flexible mindset to unlock change-driven growth opportunities. The top themes PYMNTS heard this week were about embedded innovations, unlocking operational leverage with artificial intelligence (AI), small business transformations, and moving processes from analogue and manual to automated and digital
Startup targets profitability and $100-million USD run rate by end of 2025
Relay Financial is Hiring for 19 Jobs on Simplify!
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About Relay Financial
Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
Series B
Total Funding
$50.2M
Headquarters
Toronto, Canada
Founded
2018
Relay Financial is Hiring for 19 Jobs on Simplify!
Find jobs on Simplify and start your career today