Relay Payments, a U.S.-based fintech, announced on Tuesday it raised $43 million in funding over the past six months as it continues to “transform” payment processing within the supply chain industry. Relay Payments describes itself as an end-to-end payment solution that takes the frustration out of lumper payments by providing instant, electronic payments. The company noted that it has developed a digital solution to modernize an industry reliant on cash and checks to conduct day-to-day business.
“By upgrading to an instant, electronic payment solution, customers now have access to a secure and contactless system that maximizes supply chain efficiency.”
Relay also shared that it currently process more than 150,000 transactions each month, totaling more tan $300 million in volume annually. Speaking about the growth and development of the company, Spencer Barkoff, Relay Payments Co-Founder and President, stated:
“This is a trillion-dollar industry that still conducts their payments manually, and the market is ready for a change. We’re providing real value to our customers across the ecosystem, eliminating friction and getting drivers back on the road.”
Relay Payments then concluded the recent funding will be used to accelerate growth, develop new products, and expand the Relay team, including a new headquarters in Atlanta. Addition led the funding round with participation from top tier investment firms Ribbit Capital and Spark Capital.