Rellevate, a neobank and payments platform, is raising growth capital on SeedInvest.
According to the offering page, Rellevate is looking to raise up to $4 million in a Seed round at a pre-money valuation of $13.5 million.
The offering is being issued under both Reg CF and Reg D with the CF offering capped at $1.07 million. Investors in the side-by-side round will be purchasing preferred equity. Rellevate has previously raised capital in two convertible notes totaling almost $3 million, one in 2020 and the other in 2021 both at a valuation cap of $7.5 million.
Rellevate is a Fintech that is targeting employers with hourly employees. Management believes that many low to middle hourly workers do not have access to cost-effective financial services – meanwhile, businesses are struggling to hire and maintain employees. The Rellevate platform aims to provide banking services that encourage financial wellness by incorporating features that benefit both workers and the company using the service.
Rellevate offers its clients the ability to give their employees a digital bank account, that is FDIC insured, a Visa debit card, Bill Pay, ATM access and more It also provides “Pay any day” enabling the payment of earned wages.
So far, the startup has attracted 17 employers representing 12,000 employees with 1500 accounts as of December 2021. Rellevate reports that its sales pipeline includes sales pipeline has grown to more than 200 employer prospects, representing a total employee base of over 750,000. The neobank adds they are under contract with a “large gig-economy company called Point Pickup,” with 350,000 individuals that can potentially create a Rellevate account.
Use of funds includes business development and product enhancement. If you are interested in more information you may visit the offering page here.
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