With an annual growth of 300% in 2023 and 300,000 app downloads, Bitcoin-only app Relai has remained a popular solution in the crypto scene. The startup has obtained capital from prominent Swiss and European investors to expand its product offering and turn up its marketing efforts.
Participants in the round were Luzius Meisser, Bitcoin pioneer and co-founder of the Bitcoin Association Switzerland and Jan Brzezek, Founder and former CEO of Crypto Finance AG, joined by Jeff Booth’s Ego Death Capital, Timechain, Cabrit Capital, Lightning Ventures, and a large German Family Office.
"Despite the current downturn in the venture capital market, we are very pleased to have secured this smart money financing round from such reputable investors," said Julian Liniger, CEO of Relai. "Their confidence in Relai underlines the strength of our product and our team. This interim success motivates us to continue our long-term mission to bring Bitcoin to 100 million Europeans."
Relai was founded in 2020 by Julian Liniger (left) and Adem Bilican (right) whose ambition was to provide a simple and intuitive solution. They developed the relai.app, allowing anyone to buy and sell Bitcoin within minutes, with no registration, verification, or deposit required. The Zurich-based startup has grown its user base with more than 100,000 active users and 300,000 app downloads. Last year the startup recorded a trading volume of $180 million, bringing its total traded volume to more than $300 million to date. Overall, the company reported a 300% growth.
The bitcoin-only startup plans to expand its product offerings, with the first updates scheduled to be released at the end of this month and in Q1. It plans to boost its marketing efforts in Switzerland and prepare for European expansion later this year into 2025, starting with France. These activities will set the foundation for getting the MiCA license to offer the services to everyone in Europe.
In line with the investment, Relai has welcomed Richard Byworth, Partner at Syz Capital and former top executive at Nomura, to its Board of Directors. Leveraging his 20+ years of experience in the financial and banking sector, he will play a pivotal role in Relai's European expansion and further fundraising activities.
The startup employs 21 full-time members, with plans to grow to 30 soon with the new European base in France.
(Press release/RAN)
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