Company:Rho Technologies

From HandWiki
IndustryFinancial Technology
Founded2018[1]
FoundersEverett Cook, Alex Wheldon, Damian Kimmelman[1]
Headquarters
New York
,
U.S[2]
Websiterho.co

Rho Technologies, “Rho” is a financial technology company based in New York City. The company provides business banking and financial software for early-stage startups, mid-sized businesses companies, and accounting firms.[3][4] Its platform includes corporate credit cards, accounts payable automation, accounting automation tools,[1] and FDIC-insured deposit accounts through partnerships with banks. Rho has raised over $200 million in funding from investors including DFJ Growth, Dragoneer Investment Group, and M13 Ventures.[5][6]

History

Rho was founded in 2018 by Everett Cook and Alex Wheldon.[7][8] The company launched its initial banking services in 2019 and expanded to include corporate cards and treasury tools shortly after.[7][9] In January 2021, Rho raised a $15 million Series A funding round led by M13 Ventures, with participation from Inspired Capital and Torch Capital.[5][10] In December 2021, the company raised $75 million in Series B financing led by Dragoneer Investment Group and DFJ Growth.[6] In 2023, Rho secured $100 million in financing from Community Investment Management to expand its lending and banking operations.[11]

The company reportedly gained a significant number of new customers and deposits in the wake of the March 2023 Silicon Valley Bank failure.[12] In 2024, Rho became the first member of the Coalition for Financial Ecosystem Standards (CFES). A coalition of fintech companies aimed to establish industry standards for customer protection and compliance in the Banking-as-a-Service (BaaS) ecosystem, later joined by Stripe, Block, Mercury, and other fintechs.[13]

Products and Services

Rho is not a bank, but works with federally insured institutions to provide business bank accounts and other financial services.[7] Rho offers FDIC-insured deposit accounts through its agreement with Webster Bank, N.A., which completed its merger with Sterling Bancorp in 2022.[14] In addition to banking, Rho offers corporate credit cards with expense tracking capabilities and automated spend controls.[6][15][16] The company has also developed an accounts payable solution to assist with invoice processing and vendor payments.[17][18]

Rho has formed partnerships with companies including Mastercard, to support its corporate credit offerings, and Navan (formerly TripActions), to integrate travel and expense services into its platform.[6][15][16]

See also

References

  1. ↑ 1.0 1.1 1.2 "Rho's Everett Cook on building a new "financial operating system" category.". Bloomberg. https://www.bloomberg.com/company/stories/rhos-everett-cook-on-building-a-new-financial-operating-system-category-cornell-tech-bloomberg/. 
  2. ↑ Kauflin, Jeff. "After Synapse Disaster, Stripe, Block And Other Fintech Heavyweights Join New Compliance Coalition" (in en). Forbes. https://www.forbes.com/sites/jeffkauflin/2024/09/30/after-synapse-disaster-stripe-block-and-other-fintech-heavyweights-join-new-compliance-coalition/. 
  3. ↑ "57 up-and-coming fintechs building the behind-the-scenes tech powering Wall Street, according to top investors" (in en-US). https://www.businessinsider.com/fintech-b2b-best-promising-startups-finance-wall-street-payments-crypto-2021-7#rho-business-banking-45. 
  4. ↑ "Rho woos bigger clients as fintechs vie to fill Brex's small-biz void | Banking Dive" (in en-US). https://www.bankingdive.com/news/rho-brex-expense-management-middle-market-business-banking/630260/. 
  5. ↑ 5.0 5.1 PYMNTS (2021-01-14). "Rho Technologies Raises $15 Million For AP Integration" (in en-US). https://www.pymnts.com/news/b2b-payments/2021/rho-technologies-raises-15-million-dollars-accounts-payable-integration/. 
  6. ↑ 6.0 6.1 6.2 6.3 Heim, Anna (2021-12-09). "Rho raises $75 million Series B for its one-stop corporate spend and cash management solution" (in en-US). https://techcrunch.com/2021/12/09/rho-raises-75-million-series-b-for-its-one-stop-corporate-spend-and-cash-management-solution/. 
  7. ↑ 7.0 7.1 7.2 Balogh, Shannen. "Rho, a digital bank aimed at startups, is launching this month. Its cofounders told us why 'move fast, break things' doesn't work in fintech." (in en-US). https://www.businessinsider.com/cofounders-of-new-digital-startup-bank-rho-2019-10. 
  8. ↑ Balogh, Shannen. "A serial entrepreneur with 4 startups on his resume tells us what it takes to build a business, and what makes fintech different" (in en-US). https://www.businessinsider.com/a-serial-entrepreneur-tells-us-what-it-takes-to-start-a-business-and-what-makes-fintechs-different-2019-12. 
  9. ↑ "Rho Expands Access to Tailored Treasury Management with Prime Treasury" (in en). https://markets.businessinsider.com/news/stocks/rho-expands-access-to-tailored-treasury-management-with-prime-treasury-1031770778. 
  10. ↑ Butcher, Mike (2021-01-13). "Rho, a startup bank aimed at high-growth businesses, raises $15M Series A led by M13 Ventures" (in en-US). https://techcrunch.com/2021/01/13/rho-a-startup-bank-aimed-at-high-growth-businesses-raises-15m-series-a-led-by-m13-ventures/. 
  11. ↑ Egan, John. "Rho, a one-stop shop for business banking, secures $100M" (in en-US). https://finledger.com/articles/rho-a-one-stop-shop-for-business-banking-secures-100m/. 
  12. ↑ "Silicon Valley Bank was the bank for tech. Its collapse is everyone's problem." (in en-US). https://www.businessinsider.com/silicon-valley-bank-failure-long-term-impact-tech-vc-finance-2023-3. 
  13. ↑ Kauflin, Jeff. "After Synapse Disaster, Stripe, Block And Other Fintech Heavyweights Join New Compliance Coalition" (in en). https://www.forbes.com/sites/jeffkauflin/2024/09/30/after-synapse-disaster-stripe-block-and-other-fintech-heavyweights-join-new-compliance-coalition/. 
  14. ↑ PYMNTS (2021-04-05). "Sterling, Rho Team On Corporate Banking Solution" (in en-US). https://www.pymnts.com/news/partnerships-acquisitions/2021/sterling-rho-team-on-corporate-banking-solution/. 
  15. ↑ 15.0 15.1 "Vendor Spotlight: Rho" (in en). 2023-07-05. https://www.accountingtoday.com/news/vendor-spotlight-presents-rho. 
  16. ↑ 16.0 16.1 "Rho Technologies launches corporate card — plus other NYC tech news". https://www.bizjournals.com/newyork/news/2021/05/16/rho-technologies-launches-corporate-card.html. 
  17. ↑ PYMNTS (2023-08-02). "Rho to Add AI-Powered AP Automation to All-in-One Finance Platform" (in en-US). https://www.pymnts.com/news/b2b-payments/2023/rho-to-add-ai-powered-ap-automation-to-all-in-one-finance-platform. 
  18. ↑ "Rho Unveils AI-Powered AP Automation for CFOs & Finance Teams" (in en). https://markets.businessinsider.com/news/stocks/rho-unveils-ai-powered-ap-automation-for-cfos-finance-teams-1032506363. 



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