← State of Embedded Finance 2026

Relay

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.

Last 12 months
2025-06
2026-03
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
The stack
Payments / PSP
Adyen
Banking / BaaS
Unit
Lending
Relay CapitalRelay Term Loans
Accounting
QuickBooksXero
Accounting gap: minor