Small business owners wake up each day focused on two things: their Instagram and their bank account. But what if banking could do more than just show a balance?
In this episode, Yoseph West, Co-Founder and CEO of Relay, discusses how banking designed for small businesses can drive cash flow confidence and financial clarity.
Key Takeaways:
- Small businesses struggle with financial visibility.
- Relay differentiates itself from traditional business banks.
- Preventing check fraud with authorization controls.
- Small businesses still compare digital banks to traditional ones.
- Attracting new customers and driving organic growth.
- Three key factors matter when choosing fintech partners.
- Small businesses demand more from their financial institutions.
- Building deep relationships with customers is essential for success.
Listen to the Podcast
Bringing cash flow clarity to SMBs with Relay’s Yoseph West
In a recent SMB Tech Innovators podcast, Yoseph West, co-founder of Relay, shared valuable insights on small business banking and cash flow management. He emphasized the importance of building close relationships with customers, understanding their financial struggles, and offering solutions tailored to their needs.
The Path to Founding Relay
Yoseph’s career journey took an unexpected turn from law to entrepreneurship. Coming from a family split between legal professionals and business owners, he pursued a legal career before realizing it wasn’t his calling. He co-founded a tech startup, which led to an acquisition by Wave, an accounting software company. This experience exposed him to the challenges that small businesses face in managing their finances.
At Wave, Yoseph learned a critical lesson: accounting software helps, but small business owners prioritize cash flow. They can delay bookkeeping, but they can’t afford to miss payments. This realization led to the founding of Relay, a banking solution designed to provide real-time financial clarity.
The Key to Small Business Banking: Cash Flow Clarity
Relay’s mission is to provide banking that enables small businesses to maintain financial stability. Traditional banks often fail to meet small business owners’ needs. Many entrepreneurs rely on their bank balance as their primary financial metric, checking it daily to make quick decisions.
Relay’s approach is different. It offers multiple checking accounts that function as a financial management tool. Small business owners can allocate funds into specific accounts—such as payroll, taxes, and operating expenses—giving them a clear picture of their finances. This method ensures that essential funds aren’t accidentally spent elsewhere.
Features That Make a Difference
Relay isn’t just another business bank offering several key features that set it apart:
- Multiple Checking Accounts – Small business owners can separate finances for better budgeting and cash flow management.
- Automated Bill Payments – Relay integrates with accounting software, streamlining financial workflows.
- Smart Banking Controls – Business owners can set spending limits, authorize transactions, and manage employee access.
- Check Deposit Flexibility – Unlike traditional banks with low deposit limits, Relay allows users to deposit larger amounts remotely, saving time.
Yoseph shared a customer story demonstrating these benefits. A business owner previously limited to a major bank’s $10,000 monthly check deposit had to visit a branch regularly. With Relay, they could deposit checks seamlessly from their mobile device, eliminating unnecessary trips and improving efficiency.
Transitioning to Relay: Different Customer Journeys
Yoseph noted that customers come to Relay at various stages. Some are new business owners looking for an alternative to traditional banks with long wait times and high fees. Others seek better banking solutions for managing cash flow, such as automated transfers and multiple account allocations. Some business owners move to Relay out of frustration with their current bank’s inefficiencies, such as issues with check fraud.
Regardless of how they find Relay, most users start with a single feature and gradually expand their usage as they experience the platform’s benefits. This “land and expand” approach has been a key driver of customer adoption.
Organic Growth and Customer Support
Relay’s growth has been primarily organic, with many customers discovering it through word-of-mouth. Yoseph explained that businesses generating over $1 million in revenue typically receive sales support to ensure a smooth transition. Relay also offers human customer support without requiring a minimum deposit, ensuring business owners receive guidance tailored to their needs.
This hands-on approach is essential for businesses with employees and more complex financial workflows. By prioritizing customer experience, Relay helps small businesses maximize the value of their banking platform.
Choosing the Right Partners to Build Relay
Building a banking platform requires selecting the right financial and technology partners. Relay uses three key factors in evaluating potential partnerships:
- Technology Quality – The platform must be reliable, scalable, and battle-tested to ensure a seamless experience for business owners.
- Strong Relationships – Partners should have a long-term mindset and be willing to collaborate on challenges.
- Regulatory Compliance – Fintech companies must prioritize compliance and risk management to maintain trust and security.
Yoseph highlighted Relay’s involvement in the Coalition for Financial Ecosystem Standards, an initiative to establish clear regulatory guidelines for fintech companies. This proactive approach ensures Relay remains a trusted banking partner for small businesses.
Learn more about choosing the right partner by reading The Buyers’ Guide for Embedded Payroll.
The Future of Small Business Banking
Looking ahead, Yoseph sees a growing demand for banking solutions that go beyond traditional services. Small business owners are no longer just looking for a place to store their money—they want tools that actively contribute to their financial success. Relay aims to integrate banking with software solutions that enhance financial workflows, such as instant invoicing and same-day payments.
Artificial intelligence will also shape the future of small-business banking. AI-powered tools can automate financial tasks, such as managing accounts payable or following up on overdue invoices. While small business owners aren’t actively asking for AI-driven banking solutions, Yoseph believes this technology will become increasingly relevant.
Delivering Outcomes, Not Just Tools
Yoseph concluded by emphasizing the importance of delivering real financial outcomes for small businesses. Entrepreneurs don’t just need faster, mobile-friendly banking—they need banking that provides cash flow confidence. Relay’s success stems from focusing on this core need. By staying close to its customers and continuously improving its platform, Relay is shaping the future of small business banking.
If you’d like to learn more about Relay or explore how our APIs can help your business, visit relayfi.com or connect with Yoseph on LinkedIn.
Go to The SMB Tech Innovators Podcast, powered by Gusto Embedded, to listen to more episodes.
