Digital banking platform for small businesses Relay has announced that it secured USD 32.2 million in a Series B financing round led by Bain Capital Ventures . As per the information detailed by the company, the current capital injection brings Relay’s total funding to nearly USD 51.6 million.

The digital banking platform plans to utilise the financing to accelerate its product development in spend management, smart credit products, and a financial API marketplace. Additionally, the announcement supports Relay’s commitment to delivering AI-enabled predictive cash flow analytics to small and medium-sized enterprises (SMEs). As an online banking platform, Relay focuses on allowing business owners to completely control their cash flow, enabling them to see what their earnings, spending, and savings are.

More information on the announcement Following consecutive years of expansion and focus on the small business sector, the funding intends to assist Relay in providing cash flow clarity and control for SMEs to sustainably power their daily operations. To achieve this, the company merges financial services with software, as well as making banking to support their endeavours. Besides Bain Capital Ventures, the round saw participation from previous Relay investors, including BTV, Garage, and Tapestry, and new participation from Industry Ventures.

Representatives from Bain Capital Ventures underscored that the firm plans to help Relay as it enters a new stage of growth and assists the needs of the SME market. Furthermore, Relay’s officials highlighted their company’s allegiance to supporting small business owners in growing their operations, whilst minimising inefficiencies and expanding their revenue opportunities. To further assist its plans, the company recently launched a credit card in limited release which complements its smart checking and savings account. However, the Relay Visa Credit Card is currently available to eligible customers by invitation only.

Moreover, Relay intends to launch a line of credit in the upcoming period. .