Relay, the business banking platform that offers cash flow clarity to small businesses, has announced the close of its $32.2m Series B.
The round was led by Bain Capital Ventures, bringing Relay’s total funding to $51.6m. Existing investors BTV, Garage, and Tapestry, along with new participant Industry Ventures, also contributed to this round.
Relay provides a comprehensive business banking solution designed specifically for small and medium-sized businesses (SMBs). The platform focuses on offering tools that enhance cash flow visibility and management for SMBs, addressing critical financial challenges they face.
The newly raised funds will accelerate Relay’s product development in areas such as spend management, smart credit products, and the creation of a financial API marketplace. These developments aim to further Relay’s goal of delivering AI-powered predictive cash flow analytics to SMBs, thereby enabling better financial planning and stability.
Relay has experienced significant growth in recent years, with revenues tripling in 2022 and nearly sextupling in 2023. This growth underscores the company’s dedication to serving the small business market and addressing the prevalent issue of cash flow management among SMBs.
In addition to its financial tools, Relay also partners with the Profit First methodology, created by entrepreneur Mike Michalowicz. This collaboration helps SMBs adopt better financial habits by leveraging a behavior-based cash management system.
Michalowicz praised Relay’s approach, stating, “What makes Relay so powerful for small business owners is how it works with our natural tendencies rather than against them. Everything from saving for taxes to tracking expenses becomes second nature in Relay, and it removes so much friction from the day-to-day work of running a business.”
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