Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 2 companies across 1 category.
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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.
Other BaaS providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.
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alt="Ranked #205 of 340 in BaaS — Embedded Finance Index 2026">
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<img src="https://www.embeddedfinanceindex.com/api/badge/relay/install" width="1" height="1" alt="" style="display:none">2 companies are linked to Relay in the Embedded Finance Index 2026, through their own public disclosures or Relay's published customer list, including Bizee and Formations.
Relay is an embedded-finance provider in BaaS. It ranks #205 of 340 BaaS providers by linked companies.
The most-named BaaS alternatives to Relay are Evolve Bank & Trust (71 buyers), Sutton Bank (63 buyers), Cross River (56 buyers), Pathward (48 buyers), ClearBank (39 buyers) and Thread Bank (35 buyers).
Relay is headquartered in Toronto, Ontario, Canada.
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