Following rapid growth during the pandemic, fast-rising Atlanta fintech startup Relay Payments wants to hire at least another 100 employees before the end of the year.
The jobs will include engineers, account executives and customer service workers. The company, which calls itself the Venmo for truckers, will use the expansion as a way to gain market share in the trucking industry, where it provides contactless electronic payments.
Deeper dive: Relay Payments has over 140 employees, with approximately a third located in Atlanta. All staff outside Atlanta work remotely. The new jobs will be distributed across the U.S., though the company said it will focus on Atlanta because it is headquartered here. It maintains the headquarters in Cobb County's Galleria Office Park. The company operates in over 20 states.
Big funding rounds: Relay Payments has introduced more innovation to a trucking industry that historically relied heavily on cash and check transactions. The company was founded in 2019 by CEO Ryan Droege and President Spencer Barkoff. Both had worked for transportation payment startup RoadSync. In 2020, the company raised $43 million, one of the largest funding rounds of the year, and grew from eight to 44 full-time employees. In 2021, the company raised another $60 million. The funding rounds were backed by investment firms Addition, Ribbit Capital, Spark Capital and Overline.
Why now: The company is expanding its base of individual owner operators, mid-size companies and large enterprises. One of its more notable customers include Old Dominion Freight Line. Last year it tripled its revenue, said Relay Payments CPO Amy Zimmerman. The company did not provide its revenues to Atlanta Business Chronicle. “We’ve got giant plans from a growth perspective,” Zimmerman said. Hiring will add the necessary infrastructure to support the expansion, she added.
How the pandemic shaped growth: A contactless electronic platform became more appealing to the trucking industry that was struggling with demand and safety concerns amid COVID-19 outbreak.
Big picture: Relay Payments occupies the intersection two traditionally powerful Atlanta job sectors — fintech and logistics. Zimmerman said Atlanta is a "great city for startups" and has a robust "payment network." Relay Payment's expansion is "another great opportunity" to contribute to both of those sectors.
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