Relay raised $36 million to expand operations using artificial intelligence

Baselayer has raised $35 million in a Series A funding round to expand its identity infrastructure for artificial intelligence agents. The round was led by M13, with participation from Torch Capital, Picus Ventures, Afore Capital, and Matt Thompson of Socure. In addition to securing funding, the New York-based company has launched its Agentic Identity Suite.

The platform's primary goal is to help financial institutions detect autonomous agents before they can complete transactions. Baselayer was founded in 2023 by Jonathan Avad and Timothy Hyde. Jonathan Avad serves as CEO, and Timothy Hyde is the CTO.

Previously, the company focused on business identity and risk infrastructure for financial institutions. Currently, the platform supports over 2,300 financial institutions and payment companies. Baselayer claims that its technology has helped clients prevent over a billion dollars in fraud losses.

As AI agent systems increasingly perform tasks previously assigned to humans—such as opening accounts, moving funds, making purchases, and conducting business operations—a new trust challenge arises for financial infrastructure. Traditional identity systems were built with people and companies in mind but are not designed to verify autonomous software acting on behalf of a third party.

The company aims to become the trust layer for institutions dealing with autonomous agents, as they need to know which specific agent is operating and who authorized its actions. Furthermore, they need to understand the agent's scope of authority. Baselayer states that static fraud controls can block legitimate users while ignoring sophisticated attacks. Its Agentic Identity Suite is designed to close this gap and assess the possibility of a secure transaction by an agent.

The system is intended to provide cryptographic verification around agents and the organizations they represent. Baselayer is extending its existing business identity network into the realm of the agent economy. The company already provides identity verification services and risk infrastructure for financial and payment enterprises. Its network includes over 2,300 institutions across the United States. Baselayer also collaborates with agent developers, card networks, and payment companies. Among its partners and clients are FIS, Prove, Socure, Exa, and Parallel Web Systems.

The company is involved in shaping new standards for agent authentication and identification, including the FIDO Alliance Authentication Working Group and the x402 Identification Working Group. Baselayer works alongside companies such as Cloudflare, Google, Visa, and Mastercard.

According to the company, common standards will become critically important as agent commerce expands. This funding comes amid large payment companies developing infrastructure for AI-driven commerce. Stripe reported that about 70% of API requests now come from AI agents. Visa, Mastercard, and American Express have also implemented agent commerce protocols, and Shopify has provided agent sales channels to approximately one million merchants. These developments point to the broader application of autonomous systems in commercial operations.

McKinsey predicts that agent commerce could redirect between $3 trillion and $5 trillion in retail spending by 2030. Baselayer believes that such growth will require more robust identity and fraud prevention infrastructure. The company plans to evolve around emerging standards while expanding its agent products.

Karl Alomar, Managing Partner at M13, noted that Baselayer already possesses valuable operational infrastructure, citing its network of financial institutions and existing risk data. Baselayer stated that the new funding will be directed toward expansion into this nascent market.

FintechOS has successfully raised $28 million through a combination of equity and debt financing. The majority of the equity funding was provided by existing shareholders. Among the group's investors are Bek Ventures, IFC, Cipio Partners, and Molten Ventures. Additional senior debt financing was provided by Santander CIB.

This fundraising occurred following a strong first half of 2026. FintechOS achieved profitability, and revenue from recurring payments increased by 40% compared to the previous year. The company's operating EBITDA also grew by over 102% year-over-year. The company forecasts reaching a record number of new clients in 2026.

It is expected that more than 20 financial institutions will implement the FintechOS 8 platform this year. This platform offers artificial intelligence-based tools for managing financial products. FintechOS serves banks, insurance companies, and other organizations providing financial services. The company's technology allows institutions to customize and launch financial products without replacing core systems.

The United States is the fastest-growing market for FintechOS. Revenue in the US increased by 130% year-over-year in the last reporting period. The company now aims for growth of over 200% in the US over the next twelve months. In connection with this, the company is appointing directors to its board of directors in the US and a new chairman.

These appointments are aimed at supporting regional expansion and strategic partnerships. FintechOS is strengthening relationships with major banking system providers. The partnership with Finxact provides access to additional opportunities in the US banking sector, as Finxact operates within Fiserv.

FintechOS also collaborates with Finastra Phoenix. These partnerships may connect the company with a larger number of banks and credit unions. Current clients in the US include ESL Federal Credit Union and Vibrant Credit Union. The platform is also used by Hanscom Federal Credit Union and Farmers Bank of Willards.

FintechOS 8 utilizes a native AI approach for financial product operations. The Dex AI Copilot allows non-technical users to configure products and offerings. The platform integrates product management, data, and AI execution with compliance. It is designed to operate on top of existing financial infrastructures.

Furthermore, the company is implementing a pre-deployment delivery practice. Each client-facing team includes a technical consultant and an engineer. These teams work directly with client product groups, configuring and launching products through a more agile implementation process. FintechOS expects this model to reduce deployment times, lower implementation costs, and increase operational efficiency.

The company has expanded its customer base in Europe parallel to its growth in the US. European clients include BRD Groupe Société Générale, Admiral, CEC Bank, and Bankinter. The latest funding will strengthen FintechOS's expansion base in the US and deepen the company's client portfolio in Europe. The additional capital will also support the delivery organization behind FintechOS 8, including the expansion of engineering and client teams. Other European clients include Howden and Groupama.

The financing structure combines equity with senior debt. This approach provides additional capital without complete reliance on a new equity round. FintechOS founder and CEO, Theo Blidarus, stated that growth and profitability can develop simultaneously. The company continues to work with banks and insurance companies in both regions.

The company's financial performance supports its next phase of expansion. CFO Kirill Desuza noted that the company spent years improving costs and margins. This preparation helped FintechOS return to growth on a stronger operational foundation. The company will present the next phase of growth at the FintechOS Elevate '26 event, held in London on October 14, 2026. FintechOS enters a new phase with reinforced momentum in the US and a profitable operating model.

BackOps has successfully raised $42 million in a Series B funding round to expand its artificial intelligence-based task resolution platform. The leadership of this round was provided by Insight Partners. Other participants in the round included existing investors Theory Ventures, Construct Capital, Gradient Ventures, and 10VC.

This new funding follows the raising of $26 million in a Series A round six months ago. BackOps plans to use the funds to further expand its operations. Specifically, the company intends to add more supported processes to its task resolution level, as well as grow its product, development, and go-to-market teams.

BackOps serves enterprises involved in manufacturing, distribution, or movement of physical goods. The company's platform helps automate operational work in complex supply chains. This allows companies to implement AI processes without having to build every workflow from scratch.

Supply chain operations often involve numerous systems and external partners, including carriers, suppliers, distributors, customers, and service providers. Typically, the coordination of these processes is done manually by people. BackOps also supports these processes as operational requirements change.

The company collects information, performs data translation between systems, and monitors tasks until their full completion. This manual approach leads to delays and increased operating costs, and can jeopardize customer commitments. BackOps uses AI to automate this task resolution work.

The platform includes pre-configured connections with common carrier systems. Furthermore, the company provides resolution templates derived from previous implementations. BackOps' database contains extensive information gathered during carrier claim resolutions.

BackOps has demonstrated application in the grocery, retail, logistics, and distribution sectors. Clients use the platform for claims processing, invoicing, dispute resolution, and forecasting. For example, one national parcel platform migrated its claims operation to BackOps in December 2025.

Since then, the system has processed over 500,000 claims, resolving 91% of them without human intervention. The monthly volume of claims has increased 150 times without additional hiring. Meanwhile, the automated resolution rate has improved over time: it grew from 87% at the start to the current 99%. BackOps reported similar results when working with other workflows. One retailer with 13 locations used the platform to automate invoicing processes. Previously, this process required about 11,000 man-hours annually.

Thanks to the changes, BackOps reduced the average invoicing cycle from approximately 28 hours to 14 minutes, which allowed for creating additional capacity to handle large volumes. This also avoided a planned team expansion that would have required hiring five billing specialists and one manager.

The company estimates the system implementation cost at approximately $660,000 in projected annual total cost. BackOps plans to extend its resolution processes to operations, finance, and customer service. The company expects customer demand to drive further growth.

Every completed workflow records its context, decisions made, actions taken, and outcomes. This information forms a growing source of operational analytics. Clients can use this record to identify recurring patterns, as well as to strengthen processes and improve operational decisions.

Co-founder and CEO of BackOps, Sean McCarthy, stated that people have become intermediaries connecting supply chain systems, and the company aims to reduce reliance on manual coordination. The company's platform is designed to help approved work achieve desired results faster.

Investor Insight Partners noted that BackOps has created infrastructure for handling claims, disputes, and order exceptions. The investor also highlighted the potential of accumulating intelligent solutions within workflows.

The latest funding will provide BackOps with additional resources to expand its platform and support the company's efforts to automate more complex enterprise processes. Currently, BackOps is focused on expanding its AI resolution level to more critical business operations.