Rho Technologies
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| Industry | Financial Technology |
|---|---|
| Founded | 2018[1] |
| Founders | Everett Cook, Alex Wheldon, Damian Kimmelman[1] |
| Headquarters | New York , U.S[2] |
| Website | rho |
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]
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]