Relio, a Swiss SME banking startup founded by Lav Odorovic, co-founder of German digital bank Penta, has successfully raised €3 million.
Relio is set to launch a digital payment account designed for business customers, leveraging a platform that tackles regulatory and compliance challenges that often hinder similar initiatives.
Odorovic highlights that compliance with anti-money laundering regulations has been a significant obstacle for challenger banks serving business clients. “Complex ownership structures, international money flows, and intricate business models present heightened risks of fraud and money laundering. As a result, it can take weeks or even months for customers to open an account due to inefficient due diligence processes. Transactions and accounts frequently face freezes as a precaution until they can be manually verified by experts,” he explains.
He asserts that Relio’s automated compliance system will address the constraints faced by business customers who need to process salaries and invoices promptly.
With the recent funding round concluded, the startup plans to enhance its technology stack and pursue a Finma Fintech license. The initiative is supported by SIX Fintech Ventures, High-Tech Gründerfonds, and TX Ventures as a new lead investor, alongside F10, Elsa Invest, daFUND, QBIT Capital, and several business angels.