Relio, a Swiss provider of digital accounts for SMEs, announced the closing of a pre-seed financing round of CHF 0.7 million with SIX FinTech Ventures and High-Tech Gründerfonds (HTGF).

The firm also received additional support from the former Revolut COO, Richard Davies, as angel investor and the former CEO of Contovista, Gian Reto a Porta, as Chairman of the Board of Directors.

Relio announced its intentions to obtain a fintech license from Swiss Financial Market Supervisory Authority (FINMA).

The company plans to use the funds from the investment round to expand its technical infrastructure so that everything is ready for market launch by the time the fintech license is granted.

Meanwhile, investor meetings for the upcoming seed-funding are already ongoing.

Relio said that it will soon launch Swiss digital accounts tailored to SMEs that has a new approach to compliance and KYC.

The firm said that with this approach, complex SMEs will be able to obtain an account with a Swiss IBAN quickly and without red tape.

“Our promise is compliance without complications,”

said Lav Odorovic, Founder and CEO of Relio.

Featured image: Screengrab from Relio