-32%

est. 2Y upside i

FinTechSeries B

Online business banking platform with collaborative money management

Rank

#1214

Sector

Fintech / SMB Banking

Est. Liquidity

~3Y

Data Quality

Data: Medium

Relay is exceptionally capital efficient ($85M ARR on $51.6M raised) with 80% growth and strong SMB product-market fit.

Last updated: March 20, 2026

Bull (30%)+200%

$200M+ ARR. SMB banking OS. IPO or acquired at 10-15x.

Base (45%)+60%

$150M ARR. Acquired at 6-8x ($900M-$1.2B). Strong from $280M.

Bear (25%)-40%

Mercury/Brex dominate. Rate cuts compress NII. Below $51.6M funding.

Est. time to liquidity~3.0 years

Preference Stack Risk

moderate

Funding Intensity

18%

$51.6M raised on $280M val = 18% intensity. Very clean.

Dilution Risk

moderate

Series C likely needed; but from position of strength.

Secondary Liquidity

none

Early stage; no secondary.

View all 3 open roles at Relay →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Relay's data — designed to show you've done your homework.

  • 1

    “NII breakdown and rate sensitivity?”

  • 2

    “Series C plans and timeline?”

  • 3

    “Mercury competitive differentiation?”

Cluster Peers

Expected Upside

Relay
-32%
Rho
-69%
Mercury
-70%

Community

Valuation Sentiment

Our model estimates -32% upside. What do you think?

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Community Discussion

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.