- Rho Technologies, a leading digital bank service company, announced it has launched Rho Business Banking and raised $4.9 million in funding
Rho Technologies — a leading digital bank service for entrepreneurs founded by former Point72 and Deutsche Bank alum Everett Cook and British-Canadian 3X entrepreneur Alex Wheldon — has announced it launched Rho Business Banking.
Rho Business Banking is a digital banking product built for accelerating high-growth startups. And Rho offers up to $10 million in FDIC insurance and 1.61% APY on cash management plus extensive API integrations.
Rho Business Banking was designed around the needs of modern businesses and its technology-first banking platform includes interest on both cash and treasury accounts with no minimum balances. And its API technology drives workflow automation through tools like Slack and team accounts that enable collaboration across an organization.
“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 The technology seemed outdated, and it didn’t feel like the banks understood the needs of a modern founder,” said Wheldon.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 built for the needs of startups.
And 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. Plus Rho charges no transfer or wire fees and utilizes same-day ACH for faster payments.
Recently, Rho raised $4.9 million in a seed round of funding led by Inspired Capital.
“When I was starting LearnVest, a banking service designed for founders simply didn’t exist,” added Alexa von Tobel, founder and managing partner of Inspired Capital. “From personal experience, we believe small business banking is laden with outdated incumbents and missing a modern customer-first experience.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.”
Rho Business Banking is based in Soho, New York City and it is currently accepting limited clients as it rolls out more broadly to the wider public.
“Everett and Alex bring the perfect combination of “fin” and “tech” as a founding team,” explained 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.”
