Swiss fintech Relio raises three million euros

Founder Lav Odorovic previously built SME neobank Penta. His new startup has developed an algorithm for compliance checks.

Swiss fintech Relio receives seed funding of three million euros. With the fresh capital, the team around founders Lav Odorovic and Milos Stokic wants to launch a digital business account. In addition, the technical infrastructure and obtaining the FINMA Fintech license are to be advanced.

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

Due to compliance processes, Relio says many neobanks like Revolut and Wise are still reaching their limits with corporate customers today. The risks of fraud and money laundering are higher with international money flows, as well as complicated models and ownership. Such customers often wait weeks to open an account due to the time-consuming due diligence involved - or accounts are preemptively frozen until they have been manually verified. The Swiss fintech has developed an algorithm to make these checks faster.

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