Small Business Banking Platform Relay Secures $32.2M in Series B Funding

Discover how Relay, the business banking platform providing cash flow clarity to small businesses, has successfully closed its $32.2 million Series B round.

Relay, the business banking platform dedicated to providing small businesses with clarity on their cash flow, has recently announced the successful completion of its $32.2 million Series B funding round. The round was led by Bain Capital Ventures, with participation from existing investors BTV, Garage, and Tapestry, as well as new investor Industry Ventures. This latest funding brings Relay's total funding to $51.6 million.

Relay's platform offers a comprehensive business banking solution tailored specifically for small and medium-sized businesses (SMBs). By focusing on tools that improve cash flow visibility and management, Relay aims to address the significant financial challenges faced by SMBs. The newly raised funds will be used to accelerate product development in key areas such as spend management, smart credit products, and the establishment of a financial API marketplace. These enhancements are designed to further Relay's mission of providing AI-powered predictive cash flow analytics to SMBs, enabling them to make better financial decisions and achieve greater stability.

The company has experienced impressive growth in recent years, with revenues tripling in 2022 and nearly sextupling in 2023. This growth underscores Relay's commitment to serving the small business market and helping SMBs overcome the common issue of cash flow management. In addition to its financial tools, Relay has partnered with the Profit First methodology, developed by entrepreneur Mike Michalowicz. This collaboration aims to assist SMBs in adopting better financial practices by utilizing a behavior-based cash management system.

Relay's latest funding round and strategic developments highlight the company's dedication to empowering small businesses with the tools and insights they need to thrive financially. With a focus on enhancing cash flow visibility and management, Relay is well-positioned to continue supporting SMBs in achieving financial success.