Relay - About the company
Relay is a series B company based in Toronto (Canada), founded in 2018 by Yoseph West and Paul Klicnik. It operates as a Digital bank for businesses. Relay has raised $51.6M in funding from Bain Capital Ventures and Better Ventures. The company has 337 active competitors, including 31 funded and 18 that have exited. Its top competitors include companies like Brex, Tide and Mercury.
Company Details
Digital bank for businesses. It offers services such as current accounts, money transfers, prepaid cards for online/offline purchases, payments via ACH and checks, and more. It has its banking license via Evolve Bank and Trust through partnerships. It offers an app-based platform that is available on Android devices.
- Website
- relayfi.com
- Social
- Email ID
- *****@relayfi.com
- Phone Number
- +1 **********
- Registered Address
- 202 - 25 E. 6th Avenue, Vancouver
Key Metrics
Founded Year
2018
Location
Toronto, Canada
Stage
Series B
Total Funding
$51.6M in 3 rounds
Latest Funding Round
Investors
Ranked
6th among 337 active competitors
Employee Count
339 as on Mar 31, 2026
Legal entities associated with Relay
Relay is associated with 2 legal entities given below:
Legal Entity Name | Date of Incorporation | Revenue | Latest Employee Count | Documents |
|---|---|---|---|---|
KOHO FINANCIAL INC. CIN: 10353876 , Canada, Active | Aug 04, 2017 | - | - | - |
Relay Financial Technologies Inc. CIN: 11040880 , Canada, Active | Oct 12, 2018 | - | - | - |
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Relay's funding and investors
Relay has raised a total funding of $51.6M over 3 rounds. Its first funding round was on Oct 19, 2020. Its latest funding round was a Series B round on Feb 06, 2024 for $*****. 5 investors participated in its latest round. Relay has 13 institutional investors.
Here is the list of recent funding rounds of Relay:
Date of Funding | Funding Amount | Round Name | Post-Money Valuation | Revenue Multiple | Lead Investors | Other Investors |
|---|---|---|---|---|---|---|
Feb 06, 2024 | 5251367 | Series B | 9285330 | 1798913 | 8000455 | 6124023 |
May 13, 2021 | 7905751 | Series A | 2813876 | 3450582 | 2832028 | |
Oct 19, 2020 | 7658403 | Series A | 6224834 | 2264273 |
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Relay's founders and board of directors
Founder? Claim ProfileHere are the details of Relay's key team members:
- Yoseph West: Co-Founder & CEO of Relay. They serve on the board of 1 company.
- Paul Klicnik: Co-Founder & VP Engineering of Relay. They serve on the board of 1 company.
Relay's Board of Directors
Relay's board has 2 active members. Yoseph West and Paul Klicnik are independent board members.Here is the list of Relay's board of directors:
Name | Type | Representing | Status | Duration |
|---|---|---|---|---|
Independent board member | - | Current | 7y 5m | |
zyuquee | Independent board member | - | Current | 5y 2m |
View details of Relay's Founder profiles and Board Members
Relay's employee count trend
Relay has 339 employees as of Mar 26. Here is Relay's employee count trend over the years:
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Relay's Competitors and alternates
Top competitors of Relay include Brex, Tide and Mercury. Here is the list of Top 10 competitors of Relay, ranked by Tracxn score:
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Rank | Company Details | Short Description | Total Funding | Investors | Tracxn Score |
|---|---|---|---|---|---|
1st | Brex 2017, Draper (United States), Acquired | Provider of financial software platform, cards, banking, expense, and accounting | $1.2B | 85/100 | |
2nd |  Tide 2015, London (United Kingdom), Series C | Provider of business accounts, payment solutions, and financial management tools | $181M | 83/100 | |
3rd | Mercury 2017, San Francisco (United States), Series C | Provider of business banking, cards, expense management, and payment solutions | $346M | 83/100 | |
4th | BlueVine 2013, Redwood City (United States), Series F | Provider of business checking accounts, business loans, and business credit cards | $288M | 80/100 | |
5th |  OakNorth Bank 2013, Manchester (United Kingdom), Series C | Commercial bank | $962M | 74/100 | |
6th | Digital bank for businesses | $51.6M | 74/100 | ||
7th | Grasshopper Bank 2016, New York City (United States), Acquired | Provider of online internet first business bank | $219M | 72/100 | |
8th |  Jiko 2016, San Francisco (United States), Series C | Platform enabling T-bill investing for businesses | $120M | 71/100 | |
9th |  Novo 2016, Miami (United States), Series C | Provider of a partnership-based digital banking platform | $298M | 70/100 | |
10th | _1571204564284.png?devicePixelRatio=2&height=30&width=30){kind=logo} Rho Business Banking 2010, New York City (United States), Series B | Developer of a digital bank for businesses | $235M | 68/100 |
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Relay's Investments and acquisitions
Relay has made no investments or acquisitions yet.
Reports related to Relay
Here is the latest report on Relay's sector:
News related to Relay
Filter this listMedia has covered Relay for a total of 3 events in the last 1 year, 2 of them have been about company updates and 1 about partnerships.
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TA and Relay Payments Partner to Launch Fraud‑Free Digital Fuel Payments in the U.S.Global Fintech Series•Dec 02, 2025•Relay Payments, TravelCenters of America, Relay, BP Ventures
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Self-Made Success: Small Businesses Surpass $1 Billion in Managed Deposits in RelayFintech Finance•Aug 14, 2025•Thread Bank, Relay
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Plural VC leads £27m investment in logistics startup RelayUKTN•Feb 27, 2025•Relay, Plural, Project A, Prologis
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End-to-end delivery service Relay raises $35M in Series A fundingstartuplog.com•Feb 27, 2025•Relay, Plural
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Fintech Relay Reports $32.2M Series B Round to Assist SMBs with Maintaining OperationsCrowdfund Insider•Jun 04, 2024•Relay, Bain Capital Ventures
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Relay secures USD 32.2 million in Series B roundThe Paypers•May 30, 2024•Relay, Bain Capital Ventures
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Relay Closes Sizeable Series B Round to Empower SMBs with Cashflow InsightFintech.ca•May 30, 2024•Relay, Bain Capital Ventures
•
Relay raises $24 million to help smaller businesses manage their cashflowTechCrunch+•May 29, 2024•Relay
•
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