Relay
Multi-account SMB banking (Profit First).
- Who holds it
- A sponsor bank behind the brand — not the app you signed up with — Partner bank (Thread Bank, Member FDIC); previously Evolve Bank & Trust.
- The ledger
- Split between a program manager and the sponsor bank — the modular setup that broke in Synapse.
- If it fails
- Any claim runs through the sponsor bank, and only works if the two ledgers reconcile.
Derived from Relay’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional · SMB & startups |
| HQ | Toronto/US |
| Founded | 2018 |
| Custody | Custodial |
| Regulation type | Partner-bank model |
| License detail | Partner bank (Thread Bank, Member FDIC); previously Evolve Bank & Trust |
| Card | Visa · Business debit |
| Yield | Yield on savings |
| Stablecoins | No |
| KYC | Yes |
| Active regions | North America |
| Countries | United States, Canada |
| Founders | Yoseph West |
| Funding | ~$100M raised |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @relayfinancial ↗
Common questions about Relay
What is Relay?
Relay is a fiat neobank built for SMB & startups, headquartered in Toronto/US and founded in 2018. Your money is held custodially, so Relay or its partner bank holds the balance and you hold a claim on it. It operates on a partner-bank model (Partner bank (Thread Bank, Member FDIC); previously Evolve Bank & Trust).
Does Relay have a card, and where can you use it?
It issues a Visa business debit card. It is available in 2 countries, across North America.
Does Relay require KYC?
Yes. Relay requires identity verification (KYC) to open an account, as a partner-bank model.
What does Relay cost?
From the verified fields: yield Yield on savings. Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with Relay before relying on them.
Early investors
Head-to-head
Relay vs Novo · Relay vs Brex · Relay vs Ramp · Relay vs Bluevine · Relay vs Rho
Peers
Chime · Wise · Varo · Current · SoFi · Ally Bank
Relay appears in
Neobanks running on someone else’s banking license (81) · Neobanks available in North America (126) · Neobanks for small businesses and startups (33) · Neobanks that issue a Visa card (182)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.