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---
description: Naples Technology Ventures led Rellevate's May 2022 seed round, with funds earmarked for expansion of its employer-focused banking and payments platform.
title: Rellevate raises $4 million to expand employer digital banking and payment services
image: https://giftcard.news/images/social/v1/rellevate-raises-4-million-expand-employer-digital-banking-payment-services-fac4d05261e266472dfa57079bfa432c.jpg
---

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# Rellevate raises $4 million to expand employer digital banking and payment services

Naples Technology Ventures led Rellevate's May 2022 seed round, with funds earmarked for expansion of its employer-focused banking and payments platform.

By [Oliver Reed](https://giftcard.news/author/oliver-reed/) May 20, 2022 2 min read 

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![Rellevate source artwork accompanying rellevate raises $4 million to expand employer digital banking and payment services](https://giftcard.news/images/variants/v1/rellevate-licenses-richard-petty-gift-reward-cards-consumer-corporate-sales-baltimore-selects-w1200.webp) 

 Photo: Source: rellevate.com 

[Rellevate](https://giftcard.news/company/rellevate/) closed a $4 million Series Seed Preferred funding round led by [Naples Technology Ventures](https://giftcard.news/company/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.

Other participants named in the round included Connecticut Innovations, [IAG Capital Partners](https://giftcard.news/company/iag-capital-partners/), [Cherrystone Angel Group](https://giftcard.news/company/cherrystone-angel-group/), [Texas HALO Fund](https://giftcard.news/company/texas-halo-fund/) and [Tamiami Angel Fund](https://giftcard.news/company/tamiami-angel-fund/). Rellevate did not disclose a valuation in the announcement.

[Adam Schneider](https://giftcard.news/person/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.

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](https://giftcard.news/company/visa/) debit card, ATM access, Bill Pay, Send Money and Instant Send Money.

Co-founder and chief executive [Stewart Stockdale](https://giftcard.news/person/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](https://giftcard.news/person/mike-abbaei/) said the investment aligned with its interest in financial tools for workers facing costly alternatives for accessing and moving money.

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.

## Sources and documents

ExpandCollapse 
* [Rellevate Secures Series Seed Preferred Investment to Scale Digital Banking and Payment Services Aimed for American Workers](https://rellevate.com/news/rellevate-secures-series-seed-preferred-investment-to-scale-digital-banking-and-payment-services-aimed-for-american-workers/?utm%5Fsource=giftcard.news) — Rellevate

## In this article

### Companies

* [Cherrystone Angel Group](https://giftcard.news/company/cherrystone-angel-group/)
* [IAG Capital Partners](https://giftcard.news/company/iag-capital-partners/)
* [Naples Technology Ventures](https://giftcard.news/company/naples-technology-ventures/)
* [Rellevate](https://giftcard.news/company/rellevate/)
* [Tamiami Angel Fund](https://giftcard.news/company/tamiami-angel-fund/)
* [Texas HALO Fund](https://giftcard.news/company/texas-halo-fund/)
* [Visa](https://giftcard.news/company/visa/)

### People

* [Adam Schneider](https://giftcard.news/person/adam-schneider/)
* [Mike Abbaei](https://giftcard.news/person/mike-abbaei/)
* [Stewart Stockdale](https://giftcard.news/person/stewart-stockdale/)

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![Portrait of Oliver Reed](https://giftcard.news/images/variants/v1/oliver-reed-editorial-portrait-w320.webp) 

About the author

## [Oliver Reed](https://giftcard.news/author/oliver-reed/)

Journalist — Industry Deals & Research

Oliver Reed covers industry acquisitions, investment and market research for Gift Card News.

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## Your next move in gift cards.

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