ATLANTA, Jan. 12, 2021 /PRNewswire/ -- Relay Payments, a fintech company operating in the logistics space, today announced it has raised $43M in funding over the last six months as it continues to transform the payment process within the supply chain industry.
"This industry has been searching for new payment solutions for decades. We're working closely with all players in the supply chain - shippers, brokers, carriers, drivers, and warehouses. Relay has become the nucleus of the payment process, providing a secure and digital payment solution," said Relay Payments CEO and Co-Founder Ryan Droege.
Relay Payments 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.
The company currently processes more than 150,000 transactions every month, totalling over $300M+ in volume annually. By digitizing the entire payment process, customers are reporting less time stuck on dock, additional hours of service, and increased revenue and profit margins on each load.
"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," according to Spencer Barkoff, Relay Payments Co-Founder and President.
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.
"Relay Payments is modernizing the legacy payment processes of an industry ripe for change. The company has a compelling strategic vision, deep knowledge of the transportation industry and a customer-centric approach. We look forward to supporting Relay Payments as it continues to scale the business," said Lee Fixel, Founder of Addition.
About Relay Payments:
Relay Payments is a venture-backed fintech company building an electronic payment network in the transportation, logistics, and supply chain industries. The company creates value for its customers and partners by providing direct, instant payments in an industry heavily reliant on cash and checks to conduct day-to-day business.
Trusted to process more than 150,000 transactions every month, Relay is spearheading the modernization of payments, ensuring America continues to run during COVID-19 and well beyond. Relay works with the largest carriers, freight brokers, and 3PLs in the United States ensuring their products quickly get to shelves for consumer consumption.