TLDR:
- Relay, a business banking platform based in Toronto, Canada, raised US$32.2M in Series B funding led by Bain Capital Ventures.
- The company plans to use the funds to accelerate product development in spend management, smart credit products, and a financial API marketplace.
Relay, a Toronto-based business banking platform, has secured US$32.2M in Series B funding, bringing the total amount raised to $51.6M. The round was led by Bain Capital Ventures, with participation from BTV, Garage, and Tapestry, as well as new investor Industry Ventures. Co-founded by Yoseph West and Paul Klicnik, Relay aims to empower business owners to take control of their cash flow and financial habits. The company plans to focus on developing spend management tools, smart credit products, and a financial API marketplace with the newly raised funds. Last summer, Relay became the official banking platform for Profit First, a popular cash management methodology and book created by serial entrepreneur Mike Michalowicz. With over 1 million copies sold, Profit First teaches small and medium-sized businesses better financial practices.
