Relio, a Swiss SME banking startup founded by Lav Odorovic, the co-founder of German digital bank Penta, has raised over USD 3 million.
The company is introducing a digital payment account for business customers built on a platform designed to get around the compliance and regulatory obstacles that prevent similar businesses from succeeding.
When it comes to serving business customers, Odorovic claims that challenger banks’ anti-money laundering compliance issues have persisted as their weakest point.
The barriers put in place for business customers who must pay salaries and invoices on time will be removed by Relio’s automated compliance system. As soon as the financing round is over, the startup will continue to develop its tech stack and pursue a Finma Fintech license.
Read More: Penta co-founder raises €3 million for Swiss banking startup
