US-based digital payments startup for logistics or supply chain industry Relay Payments has secured $43m in funding to transform the transportation payments process.
The firm raised the funds over the course of the last six months. The funding round was led by Addition, who was joined by investment firms Ribbit Capital and Spark Capital.
Relay said that it will use the fresh funds to boost its growth, develop new products, and expand its team, including, setting up a new headquarters in Atlanta, Georgia.
The fintech firm has built a digital solution for an industry that is largely dependent on cash and checks for daily operations.
Now, customers have access to an instant, electronic contactless payment system for their supply chain payments.
By digitising the payments process for logistics companies, its clients have reported reduced time spent on the dock, increase in hours of service, revenue, and profits, on each load, noted the firm.
Currently, Relay processes over 150,000 per month, which is worth more than $300m annually.
Relay co-founder and CEO Ryan Droege said: “We are 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.”
Relay Payments co-founder and president Spencer Barkoff said: “This is a trillion-dollar industry that still conducts their payments manually, and the market is ready for a change.”
Addition founder Lee Fixel said: “Relay Payments is modernising 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.”