Rho offers an integrated corporate banking, cards and accounts-payable platform designed to automate back-office workflows for companies (particularly those with 30–500 employees). Its core products include a banking platform, the Rho AP accounts-payable product and a corporate card powered by Sterling National Bank, with other bank partners providing services under the Rho brand. The company says it is building toward “self-driving” finance and plans to invest its new capital in technology to deliver more expansive products covering the entirety of corporate spend and cash management. Rho reports rapid transaction-volume growth: annualized volume rose from just under $2 billion in December 2020 to a cumulative $3 billion between January and November 2021, and November’s volume implies a $6 billion annualized run rate. The team has grown to about 80 people, and the company recently added a Europe-based CTO while its co-founder focuses on product strategy. Rho was founded in 2018, launched in 2020, and operates out of New York with remote staff. Rho Technologies builds Rho Business Banking, a single platform that integrates collaborative finance software with commercial-grade banking. The product includes recently launched features such as an integrated accounts payable capability. Rho serves a range of customers from venture-backed startups to middle-market companies, including Burrow, Popular Pays, and Caraway. The company says the $100 million debt financing will allow it to invest in strategic initiatives and broaden service offerings. As of April 2021, Rho reported a 50% increase in transaction volume since December 2020 on an annualized basis. Banking services for Rho customers are provided by Evolve Bank and Trust. Rho offers a single solution that combines collaborative finance software with commercial-grade banking for high-growth businesses. The platform is built to give distributed, team-oriented companies more autonomy in business banking and to streamline finance workflows. Today Rho launched Rho AP, which enables full accounts-payable lifecycles—uploading, approving, coding and paying invoices—directly within the platform. The company plans to use new funding to further expand its commercial banking product and features. Rho says it is handling more than $2 billion per year in annualized transaction volume for its clients. Banking services are provided by Evolve Bank and Trust, member FDIC. The company was founded by Everett Cook and Alex Wheldon. Rho Technologies launched Rho Business Banking, a technology-first digital banking product built to accelerate high-growth startups. The platform offers up to $10 million in FDIC insurance and 1.61% APY on cash management, with interest on both cash and treasury accounts and no minimum balances. Its API integrations power workflow automation and connect to tools like QuickBooks, Xero, and Slack, with the ability to connect to nearly 250 other applications upon request. Rho provides team accounts, same-day ACH, and charges no transfer or wire fees to support faster payments and internal collaboration. The company is based in Soho, New York City and is currently accepting limited clients as it rolls out more broadly. Rho was founded by Everett Cook and Alex Wheldon and recently raised funding to support its product and growth efforts.

Total raised

$195M

Funding rounds

4

Latest round

Series B

Latest activity

Dec 2021