“Can an SMB neobank win the financial OS for small businesses by layering cash-flow clarity, spend management, and embedded credit on top of a multi-account banking core?”
Founded in 2018 as a multi-account online business banking platform for SMBs, Relay differentiated by giving owners up to 20 checking accounts for earmarking cash (a cash-flow-clarity pitch popularized through the Profit First methodology). The company pivoted from a pure banking-interface layer to a fuller financial OS — adding savings accounts, debit and credit cards, bill pay, expense management, invoicing, and international wires. In 2026 it moved into embedded lending (Relay Capital, powered by Fundbox), extending its stack beyond deposits toward monetizable credit products typical of mature neobanks.
Relayfi discloses Thread Bank as its banking provider, according to the Embedded Finance Index 2026.
Relayfi does not disclose a bank charter of its own; its banking services are provided through Thread Bank.
Relayfi processes payments through Braintree. Disclosed money-movement rails: ACH.
Relayfi's cards are issued through Thread Bank.
Relayfi's lending and capital products are provided by Fundbox.
Relayfi connects to bank accounts through Plaid.
Relayfi integrates with QuickBooks Online and Xero.
The Embedded Finance Index 2026 maps 8 layers in Relayfi's stack: Payments / PSP (Braintree); Money movement (ACH); Banking / BaaS (Thread Bank); Card issuing (Thread Bank); Lending (Fundbox, Relay Capital term loans and Working capital loans); Open banking (Plaid); Sponsor bank (Thread Bank); Accounting (QuickBooks Online and Xero).
Relayfi was founded by Yoseph West and is founded in 2018, headquartered in Toronto, Ontario, Canada.
Relayfi has raised ~$60M+ in total (latest round: Series B, May 2024).
Get a read on where your own stack stands against Relayfi and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.