Zurich-based fintech Relio today launches its online business account.
From now on, companies can open a payment account with a Swiss IBAN and benefit from the 100% digital solution. Relio is backed by an experienced team around CEO Lav Odorovic, who previously founded the successful SME neobank Penta. The startup has garnered support from investors, including TX Ventures (TX Group), SIX Fintech Ventures (SIX Group), and High-Tech Gründerfonds.
Go-Live for digital business account
The long-awaited day has arrived. After months of intensive development and rigorous testing, corporate customers can now open an online business account with Relio. Many Swiss companies, who have been on the Relio waiting list for the past few months, can finally make use of this service. Lav Odorovic, CEO and co-founder of Relio, stated, "After securing a CHF 3 million funding round in January and obtaining the FINMA fintech license in March, the go-live marks the third milestone we aimed to achieve this year." At launch, Relio will offer a CHF account with a Swiss IBAN, enabling customers to receive incoming transfers in Swiss francs from around the world and make outgoing payments throughout Switzerland. Additional features such as transactions to foreign recipients, multiple currencies, multi-currency accounts, and debit cards will be made available soon.
The solution for demanding companies
In addition to freelancers, SMEs and startups, Relio's offering is also suitable for corporate clients with more complex business models and international transactions. In this market segment, compliance and money laundering regulations require considerable effort on the part of both banks and customers. Due to time-consuming due diligence procedures, these clients often had to wait weeks to open an account. Relio addresses this problem by automating numerous compliance tasks. To do this, the fintech company has developed an algorithm that performs these compliance checks quickly, accurately and semi-automatically. With this approach, even more complex companies can open an account with a Swiss IBAN quickly and without bureaucratic hurdles.