Co-founder Of Penta Raises €3M For Swiss Fintech In Payments
With automated compliance processes, the fintech company with an emphasis on SME wants to digitize the banking industry in Switzerland.
A Swiss fintech company, Relio, just got €3 million to help small businesses set up digital payment accounts.
Relio was founded by CEO Lav Odorovic, who also started the German SME neobank Penta in 2016. Relio hopes to provide even “complicated enterprises” with a Swiss IBAN account within 24 hours when it debuts with automated compliance checks.
The business will enhance its anti-money laundering software stack as it pursues obtaining its Swiss fintech license in light of the fundraising round led by TX Ventures, HTGF, and SIX Fintech Ventures.
“Anti-money laundering compliance issues have remained the weakest link of challenger banks when serving business customers,” Relio said.
“Complex ownership structures, international money flows, and complicated business models pose higher risks in fraud and money laundering.”
Relio says that it gives all of the benefits of a digital business account in a completely personalized way.
It says that its automated compliance system makes routine checks faster and more accurate and eliminates the slow human part of transaction confirmation, which can cause clients to wait a long time and stop them from making important transactions.
“This advantage positions Relio as a solution for demanding business customers who place a lot of value on a reliable Swiss payment account without the inefficiencies at times associated with AML compliance.”
Odorovic, founded in December 2020, seeks to “drive digitalization” in Switzerland’s banking industry.
Krzysztof Bialkowski, the managing partner of TX, says that Relio’s professional staff can continue to build the future of finance in SME banking by automating and strengthening a key area of compliance.
“This allows the company to bring true innovation to the market by getting rid of bureaucracy and waiting times while supporting even the most complex SME customers in Switzerland and abroad.”
