Digital SMB Banks: Relay Continues to Build Out a Robust Offering

Since we last profiled Relay Financial (Sep 2023), the challenger bank has expanded its product line and services dramatically. Here’s a summary of what’s new:

1. New Tiered Plans: Starter, Grow, and Scale

now offers three subscription plans:

• Starter Plan: Free
  Offers essential banking features and 1.03% APY.

• Grow Plan: $30/mo
  Designed for growing businesses, includes additional tools for cash flow management and 1.75% APY.

• Scale Plan: $90/mo
  Tailored for larger businesses, providing advanced features and 3.03% APY

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2. New Financial Tools

Relay has introduced several tools to aid in financial management:

• Receipt Management: Capture and store receipts directly within the platform, simplifying expense tracking

• Payment Requests: Request and collect payments from customers securely

• Local Network International Wires: Faster and more affordable international payments

• Third-Party Check Printing: Ability to write and print paper checks

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3. Introduction of the Relay Visa Credit Card

Relay has launched its first credit product, the Relay Visa Credit Card, available by invitation to qualifying customers. This card offers:

• Cash-back rewards: 1.5% cash back on spending

• Funds Management: Up to 30 days of float before charges must be repaid (note balances must be paid in full, no revolving)

• Integration with Relay accounts: Streamlined expense tracking and management

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4. More FDIC insurance

Deposits are insured up to $3 million through Thread Bank, Member FDIC