Rho Technologies, the NYC-based fintech behind Rho Business Banking, has raised a $15 million Series A spherical led by M13 Ventures with participation from Torch Capital, and Inspired Capital. The firm will use the proceeds to additional increase their business banking platform aimed toward high-growth companies, beginning with immediately’s launch of Rho AP. The platform is oriented in direction of firms that want extra autonomy in enterprise banking and can map fairly properly to the present distributed nature of labor, post-pandemic.
After elevating capital and launching in December 2020, the platform now claims to be dealing with over $2 billion per yr in annualized transaction quantity for its shoppers. Rho AP expands on the core banking platform, by enabling firms to run full accounts payable lifecycles proper inside Rho, that means invoices are uploaded, accepted, coded, and paid – all inside Rho. Companies not want one other payables resolution along with their checking account.
Rho’s platform strategy consists of a single resolution that encompasses each collaborative finance software program and commercial-grade banking. It was based by former Level72 and Deutsche Bank alum Everett Cook (CEO) and British-Canadian serial entrepreneur Alex Wheldon. Banking providers are supplied by Evolve Bank and Trust, member FDIC.
In an announcement, Cook mentioned: “At Rho, we’re devoted to empowering the groups that run immediately’s rising firms. We’ve developed the fashionable business banking platform constructed round the best way firms function immediately: distributed, team-oriented, clear and constructed for scale. Rho AP is the following step on our mission to assist groups work higher along with cash.”
Latif Peracha, General Partner at M13 and board member at Rho mentioned: “We knew Rho had product-market match once we found that a number of of our portfolio firms which span completely different sectors and sizes selected Rho for his or her banking wants. We consider there is a chance to construct a strong model in enterprise banking that treats the enterprise – and particularly, the CFO – as a client, and Rho has carried out that with a totally built-in product that makes managing a enterprise a lot simpler.”
Wheldon mentioned: “Having constructed and scaled a number of companies, I’d at all times discovered that business banking was a serious level of friction. Rho is empowering the entire group to work higher collectively by eradicating the silos and bottlenecks related to finance.”