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New York based Digital Banking Fintech Rho Technologies Acquires $15 Million via Series A Round led by M13 Ventures
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.
Rho, a startup bank aimed at high-growth businesses, raises $15M Series A led by M13 Ventures
Rho Technologies, the NYC-based fintech behind Rho Business Banking, has raised a $15 million Series A round led by M13 Ventures with participation from Torch Capital and Inspired Capital. The company will use the proceeds to further expand their commercial banking platform aimed at high-growth businesses, starting with today’s launch of Rho AP. The platform is oriented toward companies that need more autonomy in business banking and will map quite well to the current distributed nature of work, post-pandemic.
After raising capital and launching in December 2020, the platform now claims to be handling more than $2 billion per year in annualized transaction volume for its clients. Rho AP expands on the core banking platform by enabling companies to run full accounts payable lifecycles right within Rho, meaning invoices are uploaded, approved, coded and paid all within Rho. Companies no