# Relay Financial Technologies

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/relay-financial-technologies

- Industry: Financial Services
- Headquarters: Toronto, Canada
- Website: www.relayfi.com/
- Total disclosed funding: $52M
- Latest round: Series B (Feb 6, 2024)
- Investors on record: 8

## About

Based in Ontario, Canada, and founded in 2018 by co-founders Yoseph West (CEO), Paul Klicnik, and Ali Zahid, Relay Financial Technologies Inc. operates as a provider of a digital bank platform for small enterprises to automate cash flow management and raise cash flow transparency. In February 2024, Relay Financial Technologies Inc. raised USD 32.2 million in Series B funding led by Bain Capital Ventures with participation from Industry Ventures, Better Tomorrow Ventures, Garage Capital, and Tapestry Venture Capital.

The company provides a financial management platform that offers banking solutions to small businesses and accountants. The platform's services include business checking, automated savings, Profit First banking, receipt management, and accounts payable. Moreover, the firm offers solutions such as integrations with Xero, QuickBooks Online, Gusto, Plaid, and Yodlee. Additionally, the company also provides services such as client banking, advisor certification, and a partner program.

## Funding rounds

- Series B, Feb 6, 2024, $32M — Industry Ventures, Garage Capital, Tapestry Venture Capital, Better Tomorrow Ventures, Bain Capital Ventures
- Series A, Mar 29, 2021, $15M — Bain Capital, Garage Capital, Panache Ventures, Tapestry Venture Capital, Tribe Capital, Better Tomorrow Ventures
- Seed, Oct 1, 2020, $4.4M — Garage Capital, Panache Ventures, Tapestry Venture Capital, Tribe Capital, Better Tomorrow Ventures

## Investors

- Garage Capital (https://capitalatlas.ai/funds/garage-capital) — Seed, Series A, Series B
- Panache Ventures (https://capitalatlas.ai/funds/panache-ventures) — Seed, Series A
- Tapestry Venture Capital (https://capitalatlas.ai/funds/tapestry-venture-capital) — Seed, Series A, Series B
- Tribe Capital (https://capitalatlas.ai/funds/tribe-capital) — Seed, Series A
- Better Tomorrow Ventures (https://capitalatlas.ai/funds/better-tomorrow-ventures) — Seed, Series A, Series B
- Bain Capital (https://capitalatlas.ai/funds/bain-capital) — Series A
- Industry Ventures (https://capitalatlas.ai/funds/industry-ventures) — Series B
- Bain Capital Ventures — Series B