Rellevate said it had closed a $4 million Series Seed Preferred funding round led by Naples Technology Ventures, the company announced on May 20, 2022. The fintech said the capital would support market expansion and growth of its digital banking, money movement and payment services for American workers. [1]
Other participants named in the round included Connecticut Innovations, IAG Capital Partners, Cherrystone Angel Group, Texas HALO Fund and Tamiami Angel Fund. Rellevate did not disclose a valuation in the announcement. [1]
Capital disclosures distinguish the individual offerings
The company’s securities filings provide a more detailed financing record. The four offers shown below began sales on August 17, 2020; April 21, 2021; March 16, 2022; and May 20, 2022, respectively. The first two were debt offers, the third included debt and rights to acquire securities, and the last was equity. The figures use the dated filings and the later amendments for the two middle offers. They should be read separately, without adding them into a lifetime funding total or treating the bars as growth in one continuing financing round. [2] [3] [4] [5]
Rellevate’s filings report securities sold in four different offerings
Each bar is one offering’s reported amount sold as of the stated filing date. Instrument types and amended filings are identified separately.
USD
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Sources
Four distinct offerings, including debt and equity. This is not a cumulative funding total, a like-for-like growth series or gift-card investment allocation. Amounts are issuer disclosures as filed, not SEC-verified receipts, valuations or final lifetime proceeds. Later amendments for the 2021 and March 2022 debt offerings are used once. The June 2022 equity filing reports $3,631,591 sold against a $4 million offering; the press announcement separately described a closed $4 million round.
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| Category | Amount sold reported in the individual filing |
|---|---|
| Debt: August 26, 2020 | 797,000 USD |
| Debt, amended: July 23, 2021 | 1,284,000 USD |
| Debt and rights, amended: April 22, 2022 | 719,339 USD |
| Equity: June 6, 2022 | 3,631,591 USD |
There is a distinction between the May announcement and the subsequent equity notice. Rellevate and lead investor Naples Technology Ventures described a closed $4 million round on May 20. The Form D filed on June 6 identifies May 20 as the first-sale date and reports a $4 million total offering, $3,631,591 sold and $368,409 remaining, with 31 investors. The documents do not explain that difference. Both disclosures therefore remain attributed to their dates and fields; neither supplies a product-level allocation to gift or incentive cards. [1] [6] [5]
Adam Schneider, an adviser to Naples Technology Ventures, was due to join Rellevate's board. The company cited his experience in product management, technology implementation and growth strategy as relevant to the next stage of the business. [1]
Rellevate's distribution model placed employers at the centre of access to its services. Its Digital Account offered Pay Any-Day, enabling employees to access earned wages between payroll cycles. The product suite also included Earnings Credit, a Visa debit card, ATM access, Bill Pay, Send Money and Instant Send Money. [1]
Co-founder and chief executive Stewart Stockdale said the company had built its platform and was ready to scale. He described the investor group as a source of industry knowledge, introductions and operational support alongside the new capital. Naples Technology Ventures co-founder Mike Abbaei said the investment aligned with its interest in financial tools for workers facing costly alternatives for accessing and moving money. [1]
The wider Rellevate portfolio also included gift and incentive cards. The funding announcement was directed at expansion of the broader employer-based financial services business, rather than a separately announced card launch. No allocation of the $4 million among individual products was disclosed. [1]
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Oliver Reed
Oliver Reed covers industry acquisitions, investment and market research for Gift Card News.