One of Canada’s fastest growing financial technology firms for multiple years running has raised a sizeable round of funding.
Toronto-born business banking platform Relay Financial announced $50 million from the Customer Value Fund of General Catalyst, a global investment company that partners with ambitious entrepreneurs to drive advanced technologies.
The capital follows a US$32 million round led by Bain Capital Ventures in 2024.
Relay oversees more than $1.3 billion in managed customer deposits and is trusted by more than 150,000 small businesses to deliver cash flow clarity.
With this financial boost, the Canadian fintech can deliver clarity to more entrepreneurs across North America, according to cofounder and chief executive officer Yoseph West.
“Every dollar invested in Relay supports passionate folks who work hard to build their businesses and realize their ambitions,” says West.
The investment from General Catalyst “is a vote of confidence in the true value we deliver to those self-made entrepreneurs, so they can put every dollar to work,” the CEO stated.
“This investment is the spark that will ignite our brand footprint and market presence, so that we can bring cash flow clarity to even more American small businesses,” West said.
Andrew Ziperski, a partner at General Catalyst, believes that Relay “has proven its deep understanding of what small business owners actually need to succeed with a product that clearly resonates based on the strength of its customer acquisition machine.”
“We’re excited to help them step on the gas with CVF and enable this next phase of growth,” he stated.
In March, the company launched Relay Capital term loans, giving small businesses access to capital within the Relay platform.
A survey by the Federal Reserve revealed a nationwide rise in demand for business loans in 2026, but for many, traditional lending options complicate money management via documentation requirements and slow approvals.
According to a Relay survey of small business owners, 94% are planning to grow in the year ahead, and Relay Capital provides a “frictionless lending solution that meets owners where they are by giving them easy access to capital so they can seize growth opportunities wherever and whenever they appear.”
“Easy access to capital is the stepping stone [business owners] need to open their next location, launch a new product, or hire a key team member,” says West. “Relay Capital is how we fuel those milestone growth moments for our customers.”
Relay Financial was founded in 2018.
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