Relio, a Swiss SME banking startup founded by Lav Odorovic, co-founder of German digital bank Penta, has raised €3 million.

Relio is launching a digital payments account for corporate customers built on a platform designed to overcome regulatory and compliance hurdles plaguing similar businesses.

“Anti-money laundering compliance issues have remained the weakest link of challenger banks when serving business customers:”

“Complex ownership structures, international money flows and complicated business models pose higher risks in terms of fraud and money laundering. It can take customers from weeks to months to open an account due to ineffective due diligence. Transactions and accounts are often frozen as a preventive measure until they have been manually checked by experts.”

Relio’s automated compliance system will overcome the limitations placed on business customers who need to pay salaries and invoices on time.

Lav Odorovic, co-founder of German digital bank Penta.

Once the funding round is complete, the startup will continue to grow the technology stack and work towards obtaining a Finma Fintech license. The company is backed by SIX Fintech Ventures, High-Tech Gründerfonds, as well as TX Ventures as new lead investors. The investor base also includes F10, Elsa Invest, daFUND, QBIT Capital and several business angels.