Relay
Also a provider — view Relay’s profile →“Can Relay become the financial OS for small businesses by layering lending, payments, and banking on top of a trusted SMB account platform?”
HQToronto, Ontario, Canada
Latest roundSeries B
IndustryFintech / SMB banking
The story
Relay started as an online banking platform designed to put small business owners in control of their cash flow, serving as a neobank alternative for SMBs. Over time, the platform expanded beyond accounts into payments infrastructure via Adyen for Platforms, and most recently into embedded lending via Fundbox, positioning itself as a financial OS for small businesses rather than just a bank account.
Product timeline
2025
Relay launched embedded payments powered by Adyen for Platforms, enabling money management features for 100,000+ SMB customers.· banking
2026
Relay launched Relay Capital, its embedded lending product line built on Fundbox's embedded capital platform, starting with term loans for small businesses.· lending
Same company
Relay was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
The stack
5 layers disclosed in Relay’s embedded-finance stack
Payments / PSP
Money movement
in the full report
Banking / BaaS
in the full report
Lending
in the full report
Accounting
in the full report
Accounting gap: minor
6 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.