Digital bank Relay raises $19.4 million to automate financial management for small business
Summary
We’re building a challenger bank that helps businesses succeed by offering powerful tools to increase cash flow visibility and streamline time-consuming financial processes — in addition to being affordable and easy to use,” said Relay Co-Founder and CEO Yoseph West. “Banking is still a key piece of the small-business back office that has not yet been automated or deeply integrated into the rest of financial management,” said Keri Gohman, Partner at Bain Capital Ventures. Relay will use this funding to increase customer acquisition, grow the engineering and product teams, and further integrate its platform into the small business back office. The firm invests from seed to growth in startups driving transformation across industries, from SaaS, infrastructure software and security to fintech and healthcare to commerce and consumer tech. The firm has helped launch and commercialize more than 240 companies, including DocuSign, Jet.com, LinkedIn, Redis Labs, Rent the Runway, Rubrik, SendGrid and SurveyMonkey.