Rho Technologies
| Company type | Private |
|---|---|
| Industry | Financial technology |
| Founded | 2018 |
| Founder | Everett Cook, Alex Wheldon |
| Headquarters | New York City , United States |
Area served | United States |
| Products | Business banking, corporate credit cards, automated accounts payable, accounting software, FDIC-insured deposit accounts |
| Website | rho |
Rho Technologies (“Rho”) is a financial technology firm headquartered in New York City that delivers business banking and financial software solutions tailored for early-stage startups, medium-sized enterprises, and accounting firms. Its platform encompasses corporate credit cards, automated accounts payable systems, accounting functionalities, and FDIC-insured deposit accounts facilitated through banking partnerships. Rho has raised in excess of $200 million from investors such as DFJ Growth, Dragoneer Investment Group, and M13 Ventures.
History
Established in 2018 by Everett Cook and Alex Wheldon, Rho introduced its initial banking services in 2019 before rapidly broadening its offerings to include corporate cards and treasury management tools. In January 2021, the company secured $15 million in a Series A funding round led by M13 Ventures, with additional investment from Inspired Capital and Torch Capital. Later that year, it completed a $75 million Series B round spearheaded by Dragoneer Investment Group and DFJ Growth. In 2023, Rho raised $100 million from Community Investment Management to expand its lending and banking operations.
After the collapse of Silicon Valley Bank in March 2023, Rho experienced a substantial influx of new clients and deposits. By 2024, it became the inaugural member of the Coalition for Financial Ecosystem Standards (CFES), a fintech alliance dedicated to promoting standardized customer protection and regulatory compliance within the Banking-as-a-Service (BaaS) industry. This coalition subsequently included prominent fintech companies such as Stripe, Block, and Mercury.
Products and Services
Collaborating with federally insured banks, Rho offers business bank accounts alongside various financial services. FDIC-insured deposit accounts are provided through Webster Bank, N.A., following Webster's 2022 merger with Sterling Bancorp. The company's offerings include corporate credit cards equipped with expense monitoring and automated spending controls. Furthermore, Rho delivers an accounts payable solution designed to optimize invoice handling and vendor payments through AI-driven automation.
Rho’s corporate credit card products are supported by strategic partnerships with Mastercard, while integration with Navan (formerly TripActions) incorporates travel and expense management capabilities into its platform.