Relay Raises $32.2 Million Funding for Money Management Platform

For the purpose of assisting smaller businesses in managing their cash flow, Relay has raised $32.2 million.

When it comes to making decisions regarding their finances, owners of small and medium-sized enterprises check their bank accounts on a daily basis. On the other hand, the argument made by businessman Yoseph West is that there is generally information and functions that are absent from bank accounts that owners may truly use for their own benefit.

During an interview with TechCrunch, West stated that small and medium-sized businesses (SMBs) account for 44% of the gross domestic product (GDP) of the United States, serve as the foundation of the economy, and have a significant influence on each and every one of us. Despite this, the majority of small and medium-sized businesses barely have enough cash on hand to last for 27 days. When it comes to their banking, they require more clarity and control over their cash flow.

West conceived the idea for his next firm while he was working at Wave. It was Relay, a business banking and money management solution for small and medium-sized businesses. For the launch of Relay in October 2018, West collaborated with Paul Klicnik, a former engineer at IBM who had previously designed the main technical infrastructure at the discount app Flipp.