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About Relay Financial
Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
Series B
Total Funding
$51.6M
Headquarters
Toronto, Canada
Founded
2018
Overview
Relay Financial provides an online banking platform specifically designed for small businesses. The platform consolidates various financial transactions, including ACH transfers, wires, checks, and payouts from services like PayPal, Stripe, and Square, into a single interface. This allows business owners to easily track their cash flow and make informed financial decisions. Relay Financial partners with Thread Bank to ensure the security of client deposits, offering FDIC insurance coverage up to $3,000,000 and competitive annual percentage yields (APYs) ranging from 1.00% to 3.00%. The company operates on a subscription-based model, where clients pay a fee to access features such as income tracking, expense management, and automated bookkeeping. This focus on simplifying financial management sets Relay Financial apart from competitors, as it helps small business owners save time and concentrate on growing their businesses.
Simplify's Take
What believers are saying
- Relay's Series B funding supports expansion into spend management and financial APIs.
- AI-powered cash flow analytics enhance financial forecasting for small businesses.
- Relay's focus on extending cash buffers addresses a critical need for small businesses.
What critics are saying
- Increased competition from fintech startups could erode Relay's market share.
- Economic downturns may decrease small business formation, impacting Relay's growth.
- Cybersecurity threats could damage Relay's reputation and customer trust.
What makes Relay Financial unique
- Relay offers up to 20 individual accounts for detailed financial organization.
- Relay provides FDIC insurance coverage up to $3,000,000 through a deposit sweep program.
- Relay integrates with accounting software like QuickBooks and Xero for seamless bookkeeping.
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Funding
Total Funding
$51.6M
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
↑ 0%1 year growth
↑ 3%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
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About Relay Financial
Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
Series B
Total Funding
$51.6M
Headquarters
Toronto, Canada
Founded
2018
There are no jobs for Relay Financial right now.
Find jobs on Simplify and start your career today
People Also Viewed
Discover companies similar to Relay Financial