Swiss fintech Relio raises three million euros

Founder Lav Odorovic previously built up the SME neobank Penta. His new start-up has developed an algorithm for compliance checks.

The Swiss fintech Relio has received seed funding of three million euros. The team led by founders Lav Odorovic and Milos Stokic intends to use the fresh capital to launch a digital business account. In addition, the technical infrastructure and obtaining the FINMA Fintech license are to be driven forward.

TX Ventures, SIX Fintech Ventures and High-Tech Gründerfonds are among the main investors in the fintech, which was founded in 2020. According to the company, other investors include F10, Elsa Inves, DaFund, QBIT Capital and several business angels.

According to Relio, many neobanks such as Revolut or Wise are still reaching their limits with corporate customers due to compliance processes. The risks of fraud and money laundering are higher with international cash flows, as well as complicated models and ownership structures. Such customers often wait weeks to open an account due to the time-consuming due diligence - or accounts are frozen as a preventative measure until they have been checked manually. The Swiss fintech has developed an algorithm to carry out these checks more quickly.

Founder Lav Odorovic helped build the SME neobank Penta until 2019. The Berlin start-up Finleap then took over Neobank. In 2022, French competitor Qonto bought Penta for probably 200 million euros. Odorovic was already busy founding Relio at the time.