Digital Banking

Relay finishes $19.4M funding round

May 25, 2021

Relay, a digital banking platform for small businesses, has raised $19.4 million in a funding round. With this funding, the company aims to boost its automation products for financial management, according to a press release.

Relay aims to automate financing for small businesses through banking to help integrate back-office systems. This in turn will increase financial visibility and security while also reducing time spent on administration, according to the release.

"82% of businesses fail due to cash flow issues, and traditional banking doesn't help — business banking is often confusing, expensive and siloed from other systems," Yoseph West, CEO and co-founder, Relay, said in the release. "We're building a challenger bank that helps businesses succeed by offering powerful tools to increase cash flow visibility and streamline time-consuming financial processes — in addition to being affordable and easy to use."