Relay
- Company typePrivate
- Founded2019
- HeadquartersToronto, Canada
- Headcount251–500
- GTM typeB2B
- OfferingSoftware
Relay firmographics
Firmographics- Name
- Relay
- Legal name
- Relay Financial Technologies, Inc.
- Website
- https://relayfi.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Ownership category
- akta.pro rank
Relay industry classification
Industry- Product category
- Small Business Banking
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- National Commercial Banks (6021)
- akta.pro primary industry
- Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)
- akta.pro secondary industries
- Domestic Wire Transfer Processing (FSAMAHAA), Instant Payment Scheme Connectivity & Processing (e.g., FedNow, SEPA Instant, Faster Payments) (FSAMAHAD)
Keywords
Where Relay is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Relay business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Subscription Revenue: Three-tier subscription model: Starter ($0/month), Grow ($30/month), and Scale ($90/month discounted from $120). Higher tiers offer increased APY rates, cash back percentages, and advanced features like AI insights and bill payment automation.
- Interchange and Transaction Fees: Credit card interchange fees from Relay Visa Credit Card spending. ACH and wire transaction fees with tiered pricing (e.g., ACH debit +0.5%-1% capped at $10).
- Deposit Spread Revenue: Interest earned on customer deposits held at Thread Bank, with savings APY passed partially to customers and remainder retained as revenue. Scale plan offers 3.00% APY.
- Partner Referral Revenue: Revenue share from accountants and bookkeepers who onboard clients to Relay (0-10% quarterly revenue share at Gold/Platinum tiers). Costs offset by client deposits and expanded product adoption.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Monthly | Starter - $0/month for solopreneurs and businesses just getting started |
| Subscription | Monthly | Grow - $30/month for small teams with growing cash flow complexities |
| Subscription | Monthly | Scale - $90/month (discounted from $120) for larger teams that want to scale faster |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels8 records
Relay product offering
Product offeringCore offering
Relay is a digital business banking platform that provides U.S. small and medium-sized businesses with multi-account checking and high-yield savings (issued through partner bank Thread Bank, Member FDIC), Visa debit and credit cards with spend controls, AI-powered expense management, accounts payable/receivable automation, invoicing, and a term-loan product (Relay Capital). The platform is purpose-built for SMB cash flow organization and supports the Profit First methodology natively through automated transfer rules across up to 20–50 checking accounts per business.
Product overview
Relay is a unified small business banking and financial management platform combining multi-account business checking and savings (via partner Thread Bank), Visa debit and credit cards, expense management, accounts payable/receivable, invoicing, and payment processing into a single integrated platform. The core banking foundation includes up to 20 checking accounts with FDIC coverage up to $3M, while add-on modules provide expense tracking with AI-powered categorization, bill pay automation, invoice creation, and the Relay Capital term loan product. The platform offers three subscription tiers (Starter free, Grow $30/month, Scale $90/month with AI capabilities), integrates natively with QuickBooks Online, Xero, and Gusto, and supports Profit First methodology with dedicated accounts for income allocation.
Differentiator
Problem solved
Functional benefit
Brands
- Relay Capital: A product line offering fast, flexible term loans to small businesses, launched March 31, 2026.
Products and services
- Business Checking Multi-account business checking issued through Thread Bank, Member FDIC, with FDIC coverage up to $3M via deposit sweep. Customers can open up to 20 checking accounts (Scale tier) to organize cash by project, expense category, or Profit First allocation, with automated transfer rules between accounts.
- Business Savings High-yield business savings accounts earning up to 3.00% APY (Scale plan), with interest paid monthly. Up to two savings accounts per business with automated savings rules that move funds into reserve.
- Relay Visa Debit Card Business Visa debit card issued by Thread Bank with zero liability protection. Supports up to 50 physical or virtual cards per cardholder per checking account with customizable spend policies, role-based permissions, and real-time transaction tracking.
- Relay Visa Credit Card Business charge card with mandatory 30-day full-balance payoff, $0 annual fees, and up to 1.5% cash back. Customizable spend policies for each employee card, available by invitation only to eligible businesses.
- Relay Capital Term loan product offering flexible capital access to small businesses; prequalification is based on Relay account activity with funds disbursed within one to two business days.
Quantifiable outcome
- Over 150,000 small businesses served managing $1.3 billion in deposits
- +3 more outcomes
Companies that use Relay
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles3 records
Relay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration13 records
AI capability4 records
Feature5 records
Relay partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core, flagship and secondary.
- Thread BankcoreThread Bank is Relay's banking-as-a-service partner providing FDIC-insured deposit accounts, debit and credit card issuance (via Visa license), and the underlying banking infrastructure. Relay is a financial technology company and not an FDIC-insured bank; all deposits are held at Thread Bank with up to $3M FDIC coverage through their deposit sweep program.
- Mike MichalowiczflagshipMike Michalowicz, creator of the Profit First methodology, partners with Relay as host of the 'Becoming Self Made' podcast. The partnership aligns Relay with the leading SMB cash flow methodology and provides content marketing reach through podcast featuring entrepreneurs across finance, food, music, design, retail, and wellness industries.
- Mike MichalowiczflagshipRelay is the official banking platform for Profit First, the cash flow methodology created by Mike Michalowicz. This exclusive partnership positions Relay as the recommended banking solution for the Profit First Professional network and small business owners implementing the methodology.
- QuickBooks OnlinecoreQuickBooks Online integration enables direct sync of ultra-detailed transaction data including clean vendor names, auto-categorization, and check images. Relay claims bank feeds that don't break, skip, or duplicate, enabling faster monthly reconciliation.
- XerocoreXero integration provides direct sync of banking data and monthly statements for bookkeeping. Relay syncs comprehensive data including standardized vendor names, payment reasons, and check images for efficient reconciliation.
- GustosecondaryGusto payroll integration provides detailed payroll transaction data, shortfall alerts before scheduled payrolls, and connected team member management. Enables instant team member provisioning from Gusto into Relay for debit card access.
- Profit First Professionals NetworkcoreNetwork of certified accountants, bookkeepers, and business coaches trained in Profit First methodology who recommend Relay to clients. Partners earn $50-$300 per client onboarded and tiered revenue share (0-10%) based on collective client deposits and product adoption.
- PlaidsecondaryPlaid enables Relay customers to securely connect their accounts to money management apps including Expensify, Y.N.A.B., Venmo, and Wave for expanded financial connectivity.
- YodleesecondaryYodlee provides secure account aggregation allowing Relay customers to connect to Freshbooks, Stessa, PayPal, and other apps in the Yodlee network.
Scale indicators7 records
Recent moves6 records
Expansion highlights6 records
Relay competitors and assessment
Company assessmentDirect peers
- Mercury: US SMB-focused neobank offering multi-account business checking, debit, and increasingly credit/treasury to startups and SMBs. Most direct comparable to Relay: same product surface (multi-account checking + cards + accounting integrations), same SMB/startup customer cohort, and similar BaaS-style partner-bank structure.
- North (NorthOne): US SMB-targeted neobank providing multi-account business banking, debit cards, and accounting integrations (QuickBooks/Xero). Closest SMB-pure-play comparable to Relay given shared multi-account architecture and small business customer segment.
- Brex: Business charge card and banking platform for SMBs and mid-market; offers business accounts, high cash back, and integrated spend management. Competes head-on with Relay on SMB banking + corporate card product set.
- Ramp: Business banking and corporate cards with automated expense and AP workflows; closest direct substitute for Relay's bill pay, expense, and card offerings, with significantly deeper capital base and aggressive SMB expansion.
- Bluevine: SMB banking platform built on Coastal Community Bank infrastructure, offering business checking, high-yield savings, and working-capital lines of credit. Direct competitor in the SMB-banking-with-embedded-credit category, including Relay Capital-style term and invoice products.
- Novo: Digital SMB banking platform targeting small businesses and freelancers with checking, debit, and accounting integrations. Directly comparable on SMB target customer, partner-bank structure, and accounting-software positioning.
- Found: Banking and bookkeeping platform for self-employed individuals and small businesses offering checking, debit, and tax tools. Adjacent neobank competing for the freelancer/sole proprietor sub-segment of Relay's SMB base.
- Grasshopper Bank: Digital-native SMB bank (state-chartered rather than BaaS) offering business checking, savings, and SBA lending. Comparable as a US SMB-focused banking franchise with embedded credit offerings.
Emerging players
- Lili: Banking and financial management app targeting freelancers and solo entrepreneurs with expense categorization and tax tools. Adjacent to Relay on SMB/self-employed digital banking; competes at the lower-revenue end of Relay's segment.
Broad incumbents
- JPMorgan Chase (Business Banking): Largest US SMB banking franchise with business checking, lending, payments, and embedded accounting integrations. Sets the incumbent baseline Relay competes against on price, branch access, and balance-sheet strength.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Relay social profiles
Digital presenceRelay compliance and trust
Trust signalCompliance1 record
Relay financial estimates
Financial estimateRevenue estimate
Valuation estimate
Relay leadership team
Management profileNumber of profiles
Profiles3 records
Relay funding detail
Funding detailFunding overview
Funding rounds4 records
Investors10 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Relay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Relay
What does Relay do?
Relay is a digital business banking platform that provides U.S. small and medium-sized businesses with multi-account checking and high-yield savings (issued through partner bank Thread Bank, Member FDIC), Visa debit and credit cards with spend controls, AI-powered expense management, accounts payable/receivable automation, invoicing, and a term-loan product (Relay Capital). The platform is purpose-built for SMB cash flow organization and supports the Profit First methodology natively through automated transfer rules across up to 20–50 checking accounts per business.
Is Relay a public or private company?
Relay is a private company. It is classified as venture growth investor backed and is currently operating.
When was Relay founded?
Relay was founded in 2019. It employs 251 to 500 people.
Where is Relay based?
Relay is headquartered in Toronto, Canada, in the North America region.
How does Relay make money?
Four revenue lines are on record. Subscription Revenue is the primary driver. The others are interchange and Transaction Fees, deposit Spread Revenue and partner Referral Revenue.
Who are Relay's main competitors?
Direct peers on record are Mercury, North (NorthOne), Brex, Ramp, Bluevine, Novo, Found and Grasshopper Bank. Lili is listed as an emerging player. JPMorgan Chase (Business Banking) is listed as a broad incumbent.
Does Relay have an API?
No public API is recorded for Relay.
What industry is Relay in?
Relay's product category is Small Business Banking. Its primary akta.pro industry code is FSAGAAAF, Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P), with a secondary code of FSAMAHAA, Domestic Wire Transfer Processing. Its NAICS code is 52232 and its SIC code is 6021.