New York-based Rho Technologies, a Fintech firm developing a platform focused on supporting business banking services, has acquired $15 million in capital through a Series A funding round – which was led by M13 Ventures.
Rho’s investment round was also joined by Torch Capital, Inspired Capital and Rogue Capital. Several angel investors including Michael Vaughan, Stephen Sikes, Josh Stech, and Eric Kinariwal made contributions as well.
Established by Point72 and Deutsche Bank professionals Everett Cook and British-Canadian entrepreneur Alex Wheldo, Rho is developing a platform that includes collaborative finance tools and commercial-grade banking solutions. The banking services are being supported by Evolve Bank and Trust.
In addition to acquiring funding for growth and development, Rho Technologies has also announced the launch of an accounts payable product for the firm’s Core Business Banking platform. This will mean that customers can benefit from full accounts payable automation, meaning invoices may be uploaded, approved, coded, and paid out from directly within the company’s Business Banking platform.
Cook stated:
“We’ve developed the modern commercial banking platform built around the way companies operate today: distributed, team-oriented, transparent and built for scale. AP is the next step on our mission to help teams work better together with money.”
As explained by the Fintech firm, Rho Business Banking is a digital banking service for entrepreneurs. Rho was launched by hedge fund and tech industry executives (Everett Cook and Alexander Wheldon).
The company’s products aim to support “high-growth businesses with modern services that work for entrepreneurs.” According to Rho, the product helps with eliminating “entrepreneurial frustration” by offering a full-service virtual banking solution that can integrate with the tools and services that entrepreneurs need to manage their businesses.
As noted by the Fintech company:
“Rho includes segmented team accounts, multi-user permissions, programmable payment cards, and full-service support. Banking Services are provided by Evolve Bank and Trust, member FDIC.”