Rho Business, a New York-based digital business banking platform for high-growth companies, has raised $4.9 million in seed funding. Alexa Von Tobel of Inspired Capital led the round.
New York, NY – October 15, 2019 – Former Point72 and Deutsche Bank alum Everett Cook and British-Canadian 3X entrepreneur Alex Wheldon today announced the launch of Rho Business Banking, the flagship platform from fintech startup Rho Technologies. A groundbreaking digital banking product built to accelerate high-growth startups, Rho offers up to $10 million in FDIC insurance and 1.61% APY1 on cash management, plus extensive API integrations.
Developed around the needs of modern businesses, the technology-first banking platform includes interest on both cash and treasury accounts with no minimum balances, API technology to drive workflow automation through tools like Slack, and team accounts that enable collaboration across an organization.
“When I was starting LearnVest, a banking service designed for founders simply didn’t exist,” said Alexa von Tobel, Founder and former CEO of LearnVest; and Founder and Managing Partner of Inspired Capital. Inspired Capital led Rho’s seed round. “From personal experience, we believe small business banking is laden with outdated incumbents and missing a modern customer-first experience. We have been incredibly impressed with Rho’s innovative product approach and powerful technology strategy, and we believe this founding team is uniquely positioned to build a best-in-class solution for the next generation of founders, small business owners, and beyond.”
“At my previous startups, banking was always a challenge. The technology seemed outdated, and it didn’t feel like the banks understood the needs of a modern founder,” said Alex Wheldon. “The large banks in the US are so big, they’re forced to offer something-for-everyone type service,” said Everett Cook. “It generally means small businesses and early-stage companies become an afterthought. For us, that’s our only customer and our sole focus.”
Companies can apply for a full-service business bank account in less than three minutes, and the platform provides an innovative suite of features catered to the needs of startups. Rho’s workflow technology connects business applications like Quickbooks, Xero, and Slack seamlessly with your banking and has the ability to connect to nearly 250 others upon-request. Rho charges no transfer or wire fees and utilizes same-day ACH for faster payments.
“With Rho, entrepreneurs can streamline their operations, and optimize their cash in order to maximize their runway and minimize the time they spend inside the bank,” said Rho Business Banking Co-Founder Alex Wheldon.
“Everett and Alex bring the perfect combination of “fin” and “tech” as a founding team,” said Mark Batsiyan, Partner at Inspired Capital and Board Member at Rho. “There’s no doubt that the future of banking is digital, and Rho’s platform has both the game-changing product and experienced founders to disrupt the small business banking market.”
Rho Business Banking is headquartered in Soho, New York City and is currently accepting limited clients as it rolls out more broadly to the wider public. To apply for an account, visit rho.co.
Rho Business Banking is the leading digital banking service for entrepreneurs, developed by New York-based fintech startup Rho Technologies. Rho’s products support high-growth businesses with modern services that work for entrepreneurs. The product helps eliminate frustration by providing a full-service digital banking solution that integrates with the tools and services that modern entrepreneurs use to run their businesses. Rho’s offering is slated to include segmented team accounts, multi-user permissions, programmable payment cards, and full-service support.
Banking Services are provided by Evolve Bank and Trust, member FDIC and other member FDIC institutions. 1: APY is as of October 9, 2019, quoted on up to $10mm in treasury management deposits and is subject to change weekly based on market conditions. To learn more about Rho Business Banking visit https://rho.co/