About Relay
Relay is a company based in Toronto (Canada) founded in 2018 by Paul Klicnik and Yoseph West. It operates as a FinTech, and Subscription Services. Relay has raised $51.64 million across 3 funding rounds from investors including Tribe Capital, Amaranthine and Bain Capital Ventures. Relay offers products and services including Relay Business Checking, Relay Business Savings, Relay Visa Credit Card, Expense Management, and Accounts Payable. Relay operates in a competitive market with competitors including Brex, BlueVine, Tide, Novo and Mercury, among others.
- Headquarter Toronto, Canada
- Founders Paul Klicnik, Yoseph West
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Sectors
Financial Services
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Email
***********
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Phone
*********
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Website
*********
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Social
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- Legal Name Relay Financial Technologies, Inc.
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$51.64 M (USD)
in 3 rounds
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Latest Funding Round
$32.2 M (USD), Series B
Feb 06, 2024
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Investors
Tribe Capital
& 8 more
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Employee Count
Employee Count
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Products & Services of Relay
Relay offers a comprehensive portfolio of products and services, including Relay Business Checking, Relay Business Savings, Relay Visa Credit Card, Expense Management, and Accounts Payable. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Business checking accounts are provided for financial management.
Savings accounts are offered with competitive interest rates.
Credit cards are issued for business cash flow.
Tools for expense tracking are provided to businesses.
Bill payment solutions are integrated within banking services.
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Funding Insights of Relay
Relay has successfully raised a total of $51.64M across 3 strategic funding rounds. The most recent funding activity was a Series B round of $32.2 million completed in February 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 3
- Last Round Series B — $32.2M
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First Round
First Round
(19 Oct 2020)
- Investors Count 9
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Feb, 2024 | Amount | Series B - Relay | Valuation | Bain Capital Ventures | |
| May, 2021 | Amount | Series A - Relay | Valuation | Bain Capital Ventures | |
| Oct, 2020 | Amount | Series A - Relay | Valuation | Better Ventures |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Relay
Relay has secured backing from 9 investors, including venture fund investors. Prominent investors backing the company include Tribe Capital, Amaranthine and Bain Capital Ventures. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Venture capital fund focused on investing in multiple sectors
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Founded Year | Domain | Location | |
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Investments in private tech ecosystem are made by Industry Ventures.
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Founded Year | Domain | Location | |
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Tapestry Venture Capital is engaged in seed and early-stage investments.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Relay
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Relay
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Relay Comparisons
Competitors of Relay
Relay operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Brex, BlueVine, Tide, Novo and Mercury, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
SaaS-driven credit card and spend management solutions platform for businesses
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| domain | founded_year | HQ Location |
Digital bank for businesses
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| domain | founded_year | HQ Location |
Tide is recognized as a digital banking platform for businesses.
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| domain | founded_year | HQ Location |
Casino sites are evaluated and reviewed by Novo.
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| domain | founded_year | HQ Location |
Online business banking and financial workflow tools are provided.
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| domain | founded_year | HQ Location |
Accounting and bookkeeping solutions are provided for small businesses.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Relay
Frequently Asked Questions about Relay
When was Relay founded?
Relay was founded in 2018 and raised its 1st funding round 2 years after it was founded.
Where is Relay located?
Relay is headquartered in Toronto, Canada. It is registered at Toronto, Ontario, Canada.
Who is the current CEO of Relay?
Yoseph West is the current CEO of Relay. They have also founded this company.
Is Relay a funded company?
Relay is a funded company, having raised a total of $51.64M across 3 funding rounds to date. The company's 1st funding round was a Series A of $4.41M, raised on Oct 19, 2020.
What does Relay do?
Relay is established as a financial technology company focused on providing online business banking services. Banking solutions are offered through partnerships with Thread Bank, Member FDIC, ensuring FDIC insurance coverage for deposits. Services are designed for small businesses, including business checking, savings accounts with competitive APY, expense management, accounts payable, and Visa credit and debit cards. Integration with tools like Xero, QuickBooks Online, and Gusto is supported for streamlined financial operations. The platform is tailored to enhance cash flow clarity, particularly through the Profit First methodology, and serves sectors such as real estate, e-commerce, and home services. Security measures, including SOC 2 Type II certification, are implemented to protect client data.
What products or services does Relay offer?
Relay offers Relay Business Checking, Relay Business Savings, Relay Visa Credit Card, Expense Management, and Accounts Payable.
Who are Relay's investors?
Relay has 9 investors. Key investors include Tribe Capital, Amaranthine, Bain Capital Ventures, Industry Ventures, and Tapestry Venture Capital.