Given C$^*$-algebras $A$ and $B$ and a $^*$-homomorphism $\phi:A\rightarrow B$, we adopt the portrait of the relative $K$-theory $K_*(\phi)$ due to Karoubi using Banach categories and Banach functors. We show that the elements of the relative groups may be represented in a simple form. We prove the existence of two six-term exact sequences, and we use these sequences to deduce the fact that the relative theory is isomorphic, in a natural way, to the $K$-theory of the mapping cone.
Categories: math.OA