Relay Raises $32.2M in Funding to Enhance Banking Platform and Expand Market Reach
Relay Raises US$32.2M in Series B Funding
Relay's Series B Funding
Key Highlights:
- Series B Funding: Raised $32.2 million in Series B funding, bringing the total amount raised to $51.6 million.
- Investors: Led by Bain Capital Ventures, with participation from BTV, Garage, Tapestry, and Industry Ventures.
- Product Development: Funds will be used to accelerate product development in spend management, smart credit products, and a financial API marketplace.
Relay's Target Market
- Target Market: Small and medium-sized businesses (SMBs) in need of a comprehensive online banking platform for better cash flow management.
- Profit First Users: Business owners using the Profit First cash management methodology, as Relay is the official banking platform for Profit First.
- Businesses Seeking Financial Control: Companies looking for tools to gain complete control and understanding of their cash flow, earnings, expenses, and savings.
What Relay Needs to Buy
- Product Development Partners: Collaborating with technology and financial service providers to enhance and expand their product offerings.
- Marketing and Branding Services: Engaging with marketing agencies to increase brand awareness and reach their target market of SMBs.
- Strategic Partnerships: Forming partnerships with other fintech companies and financial institutions to expand their product reach and customer base.