Relay Payments, an Atlanta financial technology startup for logistics, is raising a $60 million round, according to a July 21 filing with the U.S. Securities and Exchange Commission.
The startup provides instant electronic payments for the trucking industry, allowing for a similar experience as Venmo or PayPal. That makes transactions more efficient and reduces the spread of germs, the founders previously told Atlanta Inno.
Relay Payments has already raised $44.7 million of the round and has four investors, according to the SEC filing. The company declined to comment on the filing.
Last year, Relay Payments quietly raised $43 million, one of the largest funding rounds in the Atlanta tech ecosystem. It grew from eight to 44 full-time employees and plans to have 100 by the end of this year, the founders previously said.
Relay Payments, a 2021 Startup to Watch honoree, is backed by notable investment firms — Addition, Ribbit Capital and Spark Capital. Local early-stage firm Overline is also an investor.
Much of its growth was fueled by the e-commerce boom during the pandemic. The electronic platform became more attractive in the trucking industry, strained by demand and safety concerns over the past year and a half. The startup brings together two strengths of Atlanta — logistics and financial technology.
As of March, Relay Payments was working with 350 companies and closed a deal with Old Dominion Freight Line Inc. (Nasdaq: ODFL), a leading freight company.
CEO Ryan Droege and President Spencer Barkoff founded Relay Payments in October 2019. Previously, they founded RoadSync, a similar transportation payment startup that is now led by CEO Robin Gregg.
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