Bitcoin investment app Relai hits $72 million valuation after new $12 million funding round

Relai, a self-custodial app focused exclusively on buying and selling bitcoin, has raised $12 million in a Series A funding round.

The round was led by bitcoin-only venture capital fund Ego Death Capital, which contributed $4 million, Relai said Tuesday. Additional investors included Plan B Bitcoin Fund, Timechain and Solit Group. The startup began preparing for the fundraise in June, held initial investor discussions in August and officially closed the round earlier this month, co-founder and CEO Julian Liniger told The Block.

The funding round was structured as "plain vanilla equity," consistent with Relai's previous fundraises, Liniger said. The round brings Relai's total funding to about $20 million and raises its valuation from $60 million (pre-money) to $72 million (post-money), Liniger added. Relai was valued at $20 million in March 2023 when it raised $4.5 million in a seed extension round.

Relai's valuation surge aligns with its rapid growth, driven by bitcoin's rising price this year . Liniger said the app has facilitated $650 million in bitcoin investments since its launch in 2020, with $450 million of that total occurring this year alone. He expects this figure to reach $1 billion by 2025.

The Relai app currently has 450,000 downloads, 140,000 active users (those with at least one transaction in four years), 70,000 registered users and 35,000 monthly active users, Liniger said. Downloads are growing by 20,000–30,000 per month, he noted, adding that he expects the app to reach 1 million downloads by 2025.

Relai Business

Relai also caters to businesses through its Relai Business segment, which launched about a year ago. Relai Business serves around 200 small and medium-sized enterprises and 250 high-net-worth individuals, collectively generating $30 million in trading volume since launch, Liniger said. He noted this segment is growing rapidly at a 10–20% month-over-month rate.

Relai generates revenue through transaction fees on bitcoin purchases and sales, Liniger said. While profitability has been achieved in certain months this year, he expects Relai to "definitely be profitable the whole next year."

Relai has been growing 2–3x year-over-year since its 2020 inception, Liniger said, adding that the app anticipates further expansion once it secures a Markets in Crypto-Assets (MiCA) license, expected in the first quarter of 2025. This license would facilitate growth across EU countries, building on its Swiss home base.

Currently employing 40 people, Relai plans to double its headcount next year, hiring across product, development, marketing, growth, legal and compliance functions, Liniger said.

Relai remains committed to its Bitcoin-only philosophy. "There is no second best," Liniger said, emphasizing the firm's focus on the world's first and largest cryptocurrency.

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