Penta founder Lav Odorovic secures $3m for new venture Relio

Penta founder Lav Odorovic-secures-$3m-for-new-venture-Relio

Relio, the new FinTech from Penta founder Lav Odorovic, has secured CHF 3m ($3.26m) in funding to support the launch of its services.

The investment was led by TX Ventures, with commitments also coming from SIX FinTech Ventures, High-Tech Gründerfonds, F10, daFUND, QBIT Capital and several business angels.

With this funding, Relio is launching its digital payment account for business customers. Capital will also help Relio bolster the development of the tech stack and obtain a FINMA Fintech licence.

It stated that neobanks often encounter compliance challenges when servicing corporate clients. Due to complex ownership structures, international money flows and complicated business models pose higher risks in terms of fraud and money laundering.

Additionally, many corporate clients have to wait weeks to open an account and often have transactions and accounts frozen until a manual screen is conducted.

Relio has built an automated compliance framework that performs these checks accurately and quickly, shortening possible delays and bureaucracy.

The company enables users to open an online Swiss business account, which boasts no minimum deposit amount. Its features include international payments, smart debit cards, and software integrations.

TX Ventures managing partner Krzysztof Bialkowski said, “We are very excited to be part of Relio led by Lav, the successful founder of German SME bank Penta. We strongly believe that Relio’s experienced team can continue developing the future of finance in SME banking by automating and improving a central aspect of banking: compliance.

“This allows the company to bring true innovation to the market by getting rid of bureaucracy and waiting times while supporting even the most complex SME customers in Switzerland and abroad.”

Odorovic added, “We are very excited to be working with TX Ventures. For us, they are not just another investor, but a true partner that adds value in various areas. TX has a unique position in the Swiss ecosystem with its long-standing commitment to fintech, its deep startup expertise and its extensive network which has helped us from day one.”

Penta is a German neobank and was acquired by European business finance solution Qonto in July 2022.

Copyright © 2023 RegTech Analyst

Enjoyed the story? 

Subscribe to our weekly RegTech newsletter and get the latest industry news & research

Copyright © 2018 RegTech Analyst


The following investor(s) were tagged in this article.