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.
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
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.