About Relay Financial
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, allowing clients to access features like income tracking and automated bookkeeping, which simplifies financial management. Relay Financial's goal is to become an essential tool for small businesses, helping them optimize their financial operations.
Toronto, CanadaHeadquarters
2018Year Founded
$50.2MTotal Funding
SERIES_BCompany Stage
Fintech, Financial ServicesIndustries
201-500Employees
Benefits
Health Insurance
Dental Insurance
Vision Insurance
Company Equity
Paid Vacation
Paid Sick Leave
Parental Leave
Hybrid Work Options
Professional Development Budget
Risks
Increased competition from fintech startups could erode Relay's market share.
Rapid AI adoption may outpace Relay's current technological capabilities.
Potential regulatory changes in fintech could increase operational costs for Relay.
Differentiation
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 Online and Xero for seamless bookkeeping.
Upsides
Relay's Series B funding supports expansion into spend management and financial APIs.
AI-powered cash flow analytics offer real-time financial insights for small businesses.
Embedded finance trends enhance Relay's platform integration into business workflows.
Funding
Total raised$50.20 M
Latest valuation$161.00 M
StageSERIES_B
SERIES B
4/30/2024$32
$161.00 MSERIES A
4/30/2021$15
$75.00 M$4
$22.05 M