Founded just 4 years ago this month (Oct 2018), Toronto-based Relay is the only non-USA company on our list of largest USA digital SMB banks. With $15M in fresh funding last year (May 2021, Series A), it has built a full-featured small business banking and money management platform. According to SimilarWeb, with 270,000 website visits in September (2022), they have the fifth highest traffic among the challenger banks.

Product features:

  • Virtual or physical debit cards for employees (max 50)
  • Simple card controls (see inset right) including:
    1. Daily transaction limit
    2. Daily ATM withdrawal limit
    3. Foreign transaction authorization
    4. Freeze/unfreeze card
    5. Change PIN
  • Checking account
  • Multiple checking accounts (max 20)
  • Billpay
  • ACH, wire or check payments
  • One-click card freezing
  • Direct feed to Quickbooks Online and Xero
  • Team access & permissions with spending limits (ie, read-only access)
  • Auto import of bills from Quickbooks and Xero (Pro version)
  • Multi-stage & batch bill payment workflow (Pro)
  • Free domestic & international wires (Pro)
  • 24/7 support
  • Remote deposit (with $40k daily deposit limit!)

Pricing:

  • Standard = Free
  • Pro = $30/mo (after 14-day free trial)

Accountant /Bookkeeper Partner Program

  • 3 to 14 clients: 17% discount on client’s monthly fee ($25/mo); 5% revenue share on card spend
  • 15 to 49 clients: 20% discount ($24/mo); 10% revenue share
  • 50 to 99 clients: 23% discount ($23/mo); 15% revenue share
  • 100+ clients: 27% discount ($22); 20% revenue share

Company Vitals

FAB* Score: 61
– HQ: Toronto
– Founded: 2018
– Partner bank: Evolve
– Raised $19.4M including $15M in 2021 (Crunchbase)
– Website visits: 270 (SimilarWeb, Sep 2022)
– Employees: 78 (Pitchbook)
– Linkedin: 2,700 followers (78 employees)
– TrustPilot: 4.5 (567 reviews)
– iOS: 4.5 (182 reviews)

Product Videos

Interview and demo of Relay Financial (29 minutes)

Product Screenshots

Fab score:
* The FAB score, Fintech Attention Barometer, is a proxy for the overall size of a private company since they typically do not release traditional metrics (# customers, deposits, AUM, etc). The score is based on VC funding, website traffic, mobile downloads, and the number of employees. It’s a work in progress, so expect changes in the formula.