As the need for a secure, contactless payment solution became critical over the past year in light of COVID-19, Relay Payments experienced explosive growth. Relay’s digital payment solution, developed to modernize the payment process, was just what the supply chain industry needed to adapt quickly to a rapidly changing industry.
Within months after the emergence of COVID-19 and as the need for a secure, contactless payment option catapulted Relay’s digital payment solution, investors showed significant interest, which resulted the company closing both Series A and B investment funding rounds in a matter of months led by venture capital firm Addition with the participation of top-tier investment firms, Ribbit Capital and Spark Capital. In January 2021, Relay Payments announced that the funding rounds resulted in $43M to support the company’s growth.
With such substantial financial backing, the question then becomes, how do you develop and scale a company and keep the momentum going? For Relay co-founder and CEO Ryan Droege, part of the answer lies in the impressive growth trajectory of the business. “In an industry where the bulk of transactions are still moved by cash and checks, Relay is the challenger that represents the leap forward,” says Droege, “there’s a transformation happening in the industry with an urgent need for better business workflows and streamlined processes.” For those customers that have already implemented Relay, the feedback has been overwhelmingly positive, reporting less time stuck on dock, additional hours of service given back to drivers, and increased revenue and profit margins.
“Checks have been around since the 1960s, and Relay wants to be the solution for the next 50 years.”
For Relay, the funding infusion will be used to accelerate growth within the company in the form of new hires. The goal is to total 100+ full-time employees by the end of 2021, supported not only by the fundraise but also by the fact that Relay is remote-first, enabling it to hire the best talent regardless of their location.
The investment will be used to secure s new headquarters in Atlanta. The south has been recognized as a growing fintech hub and is the heart of the supply chain and logistics industry so it's the perfect place for Relay to call home.
Finally, a good portion of the funding will go towards what Relay does best: keeping an ear to the asphalt and developing new products and ways to improve efficiencies.
According to Relay Payments co-founder and President Spencer Barkoff, a key focus is continuing to serve the customer base. "There’s a lot of innovation opportunities for the industry when it comes to payments,” explains Barkoff. “When you think of how many payments are still done by cash or checks, we want to streamline that whole payment process and bring that to market.”
After years of working directly with customers to invest and build new solutions for the market, Barkoff has learned that there is an urgency to modernize the payment system. Relay now has the resources to make that happen. Perhaps Spencer Barkoff says it best when it comes to putting a scope on the potential that Relay could have on the industry with the $43M capital backing:
“Checks have been around since the 1960s, and Relay wants to be the solution for the next 50 years.”
Want to learn more about how Relay can streamline your payment process? Get in touch with us today!