Atlanta: 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, totaling over $300M+ in volume annually. By digitizing the entire payment process, customers are reporting less time stuck on the dock, additional hours of service, and increased revenue and profit margins on each load.
The recent funding will be used to accelerate growth, develop new products, and expand the Relay team – including a new headquarters in Atlanta. In addition, led the funding round with participation from top-tier investment firms Ribbit Capital and Spark Capital.