Rho announces $75M Series B round to expand financial operating system

New funding will go toward building new capabilities into the Rho platform.
Author
Everett Cook
Updated
July 25, 2024
Read time
7

Spending made smarter

Eliminate annoying banking fees, earn yield on your cash, and operate more efficiently with Rho.

Today we’re excited to share that we’ve closed our Series B fundraise, bringing $75 million of additional investment to help fuel our mission. The round was led by Dragoneer Capital and DFJ Growth, and included as our existing investors M13 Ventures, Inspired Capital, Torch Capital as well as many leading angel investors and operators who cared deeply about our mission.

We’re excited to continue to invest in our product, our people, and our market to help our customers succeed and continue to redefine one of the largest vertical spaces yet to be truly transformed by innovation.

We started Rho in 2018 with the objective to build a financial services platform that could truly help make companies smarter, faster, and realize more of their potential. Could we do that? Should we do that? At the time, it was nearly impossible to even open a business bank account online, and tech-forward services in the space were severely limited. 

Rho has grown tremendously in just over three short years, and so has our what we deliver to clients; from beyond business banking to include corporate cards, accounts payable, and much more. Every feature and product we build comes from our community of companies and CFOs who have shown us the real problem they face in running their businesses: the coordination of people and process around money. Every day our team wakes up trying to make this problem incrementally less challenging for those companies.

When we started, we described ourselves as Rho, making it clear who our customers are and what we offered. Today, we’re working on so much more than banking, and we felt it was time for a new look to reflect our broadened mission.

In early 2021, we engaged the team at Design Studio to help us better express what Rho has become. We met with countless customers, accountants, CFO’s, and early Rho users to fully understand what was drawing them to the platform. What we learned was the simple yet powerful nature of the platform that was the primary reason why these early customers chose to move to Rho from their existing solutions. We wanted our brand to speak eloquently to this point.

What you’ll see today is a fresh brand, a fully redesigned interface, and a vision for what the future of commercial financial services will look like. And with this broader scope comes a slight change to our name. Now, we’ll simply be known as Rho.

Rho delivers for clients what can be summed up as frictionless finance. Cash and spend management in a single, seamless platform that is both simple and intuitive, but equally capable of supporting some of the largest and most complex businesses in the world.

We believe our clients are our partners, and we only succeed when they do. We’re thankful and grateful for those that have been on this journey with us since the beginning as well as those that have just started working with Rho.

Welcome to the era of Frictionless Finance!

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Rho is a fintech company, not a bank or an FDIC-insured depository institution. Checking account and card services provided by Webster Bank N.A., member FDIC. Savings account services provided by American Deposit Management Co. and its partner banks. International and foreign currency payments services are provided by Wise US Inc. FDIC deposit insurance coverage is available only to protect you against the failure of an FDIC-insured bank that holds your deposits and subject to FDIC limitations and requirements. It does not protect you against the failure of Rho or other third party.
The Rho Corporate Card is issued by Webster Bank N.A., member FDIC pursuant to a license from Mastercard.
Investment management and advisory services provided by RBB Treasury LLC dba Rho Treasury, an SEC-registered investment adviser and subsidiary of Rho. RBB Treasury LLC facilitates investments in securities: investments are not deposits and are not FDIC-insured. Investments are not bank guaranteed, and may lose value. Investment products involve risk, including the possible loss of the principal invested, and past performance does not future results. Registration with the SEC does not imply a certain level of skill or training. Treasury and custodial services provided through Apex Clearing Corp. ("Apex") and Interactive Brokers LLC ("Interactive"), registered broker dealers and members FINRA/SIPC. Interactive rates may vary from Apex rate shown above. For additional information about investment management and advisory services provided by Rho Treasury, please refer to Rho Treasury’s ADV-2A Wrap Fee Brochure.
             
This material presented is for informational purposes only and should not be construed as legal, tax, accounting or investment advice. Under no circumstances should any of this material be used for or considered as an offer to sell or a solicitation of any offer to buy an interest in any securities. Any analysis or discussion of financial planning matters, investments, sectors or the market generally are based on current information, including from public sources, that we consider reliable, but we do not represent that any research or the information provided is accurate or complete, and it should not be relied on as such. Our views and opinions are current at the time of publication and are subject to change. You should consult with your attorney or relevant professional advisor for advice particular to your personal or business situation.
                  
Rho Treasury is not insured by the FDIC. Rho Treasury are not deposits or other obligations of Webster Bank N.A., or American Deposit Management Co.’s partner banks, and are not guaranteed by Webster Bank N.A., or American Deposit Management Co.’s partner banks. Rho Treasury products are subject to investment risks, including possible loss of the principal invested.
*This reflects the sought net yield based on 90-day Treasury Bill rates as of [DATE] and an annual fee which ranges from 0.15% for deposits of $20M or more to 0.6% (the maximum annual fee) for deposits under $2M. Individual results may vary depending on the actual investment date and investment products selected. Past performance is not a guarantee of future performance results. The yield is variable and fluctuates without prior notice. The rate shown is net of fees. The amount of Treasury Bills available at a particular yield will depend upon the sellers’ offer size; any remaining cash balance after the purchase may not earn the same yield.

© 2019-2024 Under Technologies, Inc. DBA Rho Technologies. Rho is a trademark of Under Technologies, Inc.
Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management Co. and its partner banks.