Leo Odorovic, a Swiss-based entrepreneur, has founded Relio, a promising fintech startup that offers automation services for business clients in the neobanking sector. With strong backing from some of the most influential investment funds, Relio is set to transform the landscape of digital payments for business users.
Relio, headquartered in Zurich, Switzerland, recently secured €3 million in a new round of financing. This funding round is aimed at supporting the company’s mission to streamline digital payments and enhance compliance processes for business clients. Lav Odorovic, the chief executive director of Relio, previously founded Penta, a bank tailored for small and medium-sized enterprises (SMEs) in Germany, which was later acquired by Qonto.
Relio has garnered the support of leading investors, including TX Ventures, SIX Fintech Ventures, High-Tech Grunderfonds, F10, Elsa Invest, daFUND, QBIT Capital, as well as several angel investors, according to Tech.eu.
Switzerland, known for its strict banking regulations and reputation for prosperity and stability, serves as the perfect base for Relio’s operations. The startup is committed to upholding the highest standards of financial integrity, particularly in preventing money laundering and other dubious business practices. Relio’s automated systems are designed to eliminate the element of human error, ensuring that business clients can operate with confidence in the security and compliance of their financial transactions.
The first product Relio will bring to market is a digital payment account designed specifically for business clients. This account, built on the company’s advanced technology platform, aims to automate compliance processes and prevent potential criminal activities, such as money laundering. The core idea behind Relio’s innovation is rooted in addressing the weaknesses of traditional neobanks like Wise and Revolut, which, despite revolutionizing finance, have exposed vulnerabilities in ownership structures, international money flows, and business models that increase the risk of fraud.
One of the significant challenges faced by businesses today is the lengthy and cumbersome process of account opening due to stringent compliance checks. In many cases, it can take weeks or even months to open an account, leading to delays in transactions and frustration for business users. Relio’s automated compliance system is designed to expedite these processes by conducting all necessary checks efficiently, thereby reducing wait times and minimizing the likelihood of errors.
By automating these critical compliance checks, Relio not only enhances security but also ensures that business clients can access their accounts and complete transactions promptly. This innovation is poised to set a new standard in the neobanking industry, offering businesses a more reliable and efficient way to manage their finances.
