Rho, a startup bank aimed at high-growth businesses, raises $15M Series A led by M13 Ventures
The $15 million Series A Round led by M13 Ventures with Torch Funding and Motivated Capital engagement has been raised by Rho Technology, a NYC-based fintech behind Rho Business Banking.
The group will use the proceeds to extend its commercial banking network targeted at high-cultural businesses, beginning with the introduction today of Rho AP. The platform will be based on business banking companies that require greater control and will map very well the new dispersed working nature, post-pandemics.
After money raised and released in December 2020, the platform currently claims to manage more than 2 billion dollars annually on its customers' annualized transaction volumes.
Rho AP strengthens the core banking platform by encouraging businesses to run complete accounts within Rho, ensuring that invoices are submitted, accepted, encoded and charged – all within Rho.
In addition to their bank statement, businesses no longer require another payable option.
The method of Rho's platform consists of a single solution and includes software of collaborative finance and commercial banking.
It was founded by Everett Cook (CEO) and Alex Wheldon, former Point72, and Deutsche Bank alum.
Evolve Bank and Trust, FDIC member, provide banking services.
"At Rho, we are committed to inspiring the teams running today's growing businesses, Cook said in a statement.
We also designed a new commercial banking infrastructure focused on how businesses work today: distributed, team-based, open, and scale-built.
Rho AP is our next step in making our teams work efficiently with money."
"We realized that Rho was in line with our product demand by learning that some of our portfolio companies spanning numerous industries and sizes preferred Rho for their banking needs. Latif Peracha, M13's general partner and Rho board member, said.
We agree that it is possible to create a strong brand in business banking that considers the organization - and in particular CFO - as a customer, and Rho has done so with a truly integrated product that makes business management even simpler."
Wheldon said, "I've always found that commercial banks are a major point of friction after building and scaling many businesses. Rho empowers the entire organization for better cooperation by removing silos and bottlenecks associated with finance."