Relay, a business banking platform offering cash flow clarity to small businesses (SMBs), has raised $32.2m in a Series B financing round led by Bain Capital Ventures.

The new financing round, which brings the business banking platform’s total funding to $51.6m, saw the participation from new investor Industry Ventures.

It also had the participation of Relay’s existing investors, namely BTV, Garage, and Tapestry.

Bain Capital Ventures partner Kevin Zhang said: “Relay’s been on an incredible trajectory, even as others in the industry have had to pivot and find new footing.

“We were eager to get behind Relay again as the company enters its next stage of growth and doubles down on the unique needs of the SMB market.”

Relay aims to utilise the new capital to advance its product development in spend management, smart credit products, and a financial application programming interface (API) marketplace.

Based in Canada, Relay is an online banking platform that enables business owners to get complete control of their cash flow. The firm also enables business owners to easily comprehend what they are earning, spending, and saving.

Relay leverages the ingrained money management behaviours of business owners. The firm enables SMBs to quickly look at what they have allocated for different expenses as well as understand their cash position.

Relay co-founder and CEO Yoseph West said: “68% of U.S. small business owners have cash flow problems. They worry about making payroll and mission-critical bills but lack the tools to truly address these existential threats.

“Relay gives them cash flow clarity and control—what SMBs need to sustainably fuel everyday operations—by pairing financial services with software and making banking work harder for them.”