Relay Raises $19.4M in Funding


Relay, a Toronto, Canada-based digital banking platform for small businesses, raised USD $19.4m in funding.

This include a $15m Series A led by Bain Capital Ventures with participation from Better Tomorrow Ventures, Garage Capital, Tribe Capital, Panache and Amaranthine.

The company intends to use the funds to increase customer acquisition, grow the engineering and product teams, and further integrate its platform into the small business back office.

Founded in 2018 by CEO Yoseph West, Relay is a digital banking platform for small businesses to automate financial management and increasing cash flow visibility, which integrates into the back-office systems business owners already use. The company currently serves businesses in the United States.