+43%

est. 2Y upside i

FinTech

Online business banking platform with collaborative money management

Rank

#1143

Sector

Fintech

Est. Liquidity

~3Y

Data Quality

Data: Low

This is a moderate-upside, high-risk equity offer.

Last updated: August 4, 2026

Bull (30%)+147%

Sustains 60% growth, exits at 8x revenue ($1.16B valuation). Common stock returns ~167% gross, ~147% net of 20% dilution, driven by an IPO window and category leadership.

Base (45%)+37%

Growth moderates to ~45%/34%, exits at 5x revenue ($727M). Common stock returns ~57% gross, ~37% net of dilution, as the company converges toward public-market comps.

Bear (25%)-73%

Growth slows sharply, exit multiple compresses to 2x revenue ($291M). After the $102M preference, common gets $189M, a -53% gross return; net of dilution, the return is ~-73%.

Est. time to liquidity~3.0 years
Adjusted for competitive dynamics: 41% (raw: 43%, adjustment: -1%)

Preference Stack Risk

high

Funding Intensity

20%

$102M in preferred liquidation preference sits ahead of common, representing roughly 20% of the estimated entry valuation.

Dilution Risk

high

With $50M raised in May 2026 and high growth burn, an additional raise within 24 months is likely, diluting common shareholders by an estimated 20%.

Secondary Liquidity

none

No secondary market is known; shares are illiquid until an exit event.

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

    “How does Relay plan to differentiate against Brex and Ramp over the next 24 months?”

  • 2

    “What is the company's path to profitability and free cash flow generation?”

  • 3

    “What is the current cap table and how much dilution do employees face in the next round?”

Community

Valuation Sentiment

Our model estimates +43% upside. What do you think?

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