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Relay Secures $32.2M to Enhance SMB Cashflow

SMBs struggle with cash flow management, with most having just enough funds to last 27 days
May 30, 2024

Every day, small- and medium-sized business owners navigate the intricate world of finances, relying on their bank balances to make critical decisions. Yet, entrepreneur Yoseph West identified a crucial gap: the lack of comprehensive information and tools in traditional banking accounts.

West emphasized the vital role SMBs play in the economy, comprising 44% of the U.S. GDP. Recognizing their need for greater cash flow clarity and control, West embarked on a mission to revolutionize business banking with Relay, a cutting-edge platform designed to empower SMBs.

Founded in October 2018, Relay emerged from West's vision to provide SMBs with true cash-flow clarity. Teaming up with Paul Klicnik, a seasoned engineer, Relay set out to transform how businesses manage their finances. Unlike traditional banks, Relay offers a comprehensive suite of tools, enabling SMBs to organize income, expenses, and reserves across multiple accounts seamlessly.

Relay's platform, built in partnership with Thread Bank, offers FDIC-insured banking services. With Relay, businesses can automate savings, issue debit cards to employees, and streamline payments through ACH transfers, wires, and checks. The platform also facilitates receipt management, ensuring accountability and transparency.

Notably, Relay caters specifically to SMBs, distinguishing itself from other fintech solutions focused on individual users or tech startups. This strategic focus has propelled Relay's growth, with revenues skyrocketing threefold in 2022 and nearly sixfold in 2023.

Bolstered by its success, Relay recently closed a $32.2 million Series B round led by Bain Capital Ventures, signaling its potential for further expansion. With plans to enhance offerings in spend management and financial APIs, Relay is poised to revolutionize back-office operations for SMBs, providing predictive cash flow analytics and smart recommendations.

As Relay continues to thrive, its commitment to empowering SMBs remains unwavering. With a growing workforce and a bold vision for the future, Relay is poised to redefine the landscape of business banking, one innovative solution at a time.

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