Relay Payments recently secured $35.3 million in capital from nine investors according to a Form D filing with the US Securities and Exchange Commission (SEC).
The Atlanta-headquartered Fintech firm (located at The Battery Atlanta) offers an end-to-end instant digital payments platform for logistics firms and has been operating quietly or mostly under the radar during the two years since its launch.
As first reported by Biz Journals, the Fintech firm had also acquired $7.7 million in funding back in July 2020, according to an SEC filing (also confirmed by PitchBook data and Crunchbase).
Relay Payments is managed by its co-founders, company CEO Ryan Droege and President Spencer Barkoff. Lee Fixel is serving as a Director at Relay Payments. He’s a New York-based investor working with Addition, a VC firm.
Addition is a $1.3 billion fund that makes strategic investments in early- and growth-stage firms or businesses. Fixel has previously worked as partner at Tiger Global Management, where he made investments in Eventbrite, an event ticketing service provider, and also invested in Peloton, a fitness platform.
Droege and Barkoff are also listed as co-founders of RoadSync, a virtual payments network platform for logistics firms that’s currently being managed by CEO Robin Gregg. RoadSync was previously called MyLumper. Droege and Barkoff founded Relay Payments after leaving RoadSync back in 2018.
As noted on Relay Payments’ official website, customers that use the service “see savings on the first transaction and meaningful ROI.” An extra 45 minutes are also added back to customers’ hours of service per transaction now that “payments on the dock are instant,” the Relay Payments website states.
The Relay Payments team also mentions:
“The drivers are the backbone of everything we do. Our driver council is a platform for drivers to work with Relay Payments on creating the best payment experience in the industry.”
Relay Payments’ management had recently announced that they were looking to hire Account Executives and BDRs. These professionals are expected to join the firm’s Revenue Team. Relay Payments says it aims to “keep America running through COVID-19 and beyond.”