While, last year French startup Qonto acquired its German competitor Penta and the integration map is still underway, the former fintech’s founder has already started cashing up for his new fintech startup.
This is Lav Odorovic, the former founder of Penta, who has founded Relio, a new Zurich-based startup that has already raised €3M.
The Swiss SME banking startup is launching a digital payment account for business customers founded on a platform built to overcome the regulatory and compliance barriers that hamper similar ventures.
The venture is backed by Swiss VC SIX Fintech Ventures, Germany-based VC High-Tech Gründerfonds, as well as TX Ventures as a new lead investor. The investor base also includes F10, Elsa Invest, daFUND, QBIT Capital and several business angels.
Anti-money laundering
The offering is based on Relio’s Anti-Money-Laundering (AML) technology stack, which automates compliance processes while effectively managing the threat of criminal activity.
Relio was founded by Lav Odorovic, Milos Stokic and Zarko Vukadinovic in 2020.Businesses can issue physical and virtual cards to their teams and employees, as well as set individual budget limits. Relio has options for all types of businesses, including freelancers, startups, and SMEs. Users will pay a fixed monthly fee with no additional fees. This also means that businesses will receive a price that is specific to their needs.
Customers will have the option to exchange currency and store different currencies in different wallets. Relio also gives users the option to transact internationally without paying any additional fees or additional costs. Users can also incorporate different accounting and business software tools. The service from Relio is currently being developed and will go live soon.
