Relay, a business banking and money management service tailored for SMEs, has successfully secured $32.2 million in a Series B funding round led by Bain Capital Ventures.
Relay offers an online banking platform designed to empower business owners with better control over their cash flow, making it easier for them to track their earnings, expenditures, and savings.
“68% of US small business owners experience cash flow challenges. They are concerned about meeting payroll and essential bills but often lack the necessary tools to address these critical issues,” stated CEO Yoseph West. “Relay provides the cash flow transparency and control that SMBs require to sustainably manage day-to-day operations by integrating financial services with software and optimizing banking processes.”
With a recently launched credit card, Relay plans to utilize this new funding to enhance its spend management and smart credit offerings, along with developing a financial API marketplace.