Canadian business banking platform Relay raises $32.2m Series B funding for product development and AI-powered cash flow analytics for SMEs.

Relay, a Canadian business banking platform for small and medium-sized enterprises (SMEs), raised $32.2m in Series B funding led by Bain Capital Ventures. The funding will be used for product development in spend management, smart credit products, and a financial API marketplace. Relay aims to deliver AI-powered predictive cash flow analytics to SMEs, addressing cash flow challenges faced by 68% of US small business owners.