When we launched in 2018, partnering with smaller, tech-native banks became the standard operating procedure for brands like Rho, Chime, Square, PayPal, and others solving customer needs unmet by traditional financial service providers. However, we quickly realized we needed an institutional partner with a strong reputation for supporting the world-class clients that Rho attracts.
Read on to learn more about our partnership with Webster Bank, N.A.
Our History with Webster Bank, N.A.
In June 2020, we kicked off the search and landed on Sterling National Bank, a New York-based, nationally-chartered bank with a robust compliance and risk management culture and approximately $30bn in assets. Several months after partnering with them, Sterling merged with Webster Bank, N.A., with approximately $65bn of combined assets. This move further solidified our belief in the institutional-grade capabilities of our new partner.
To support the transition, we began building out our proprietary core needed to integrate with Webster Bank, N.A.’s systems. In 2021, we launched our card product with Webster as the issuing sponsor, followed by checking and banking products earlier this year.
We recognized early that being one of the very few fintechs that partner with a national bank of this scale comes with unique challenges. The compliance and risk standards for every Rho product and feature we launch must concurrently meet a high bar. But in an industry where client trust is your primary currency, this high standard is non-negotiable. We believe it is a competitive advantage.
The fruitful and constructive conversation around fintech-bank partnerships has grown increasingly robust in 2022, and we are excited for that to continue. Our choice to partner with Webster Bank, N.A., Member FDIC, reflects our focus on capability, integrity, and trust. It also underscores our commitment to ensuring every user expense and bill payment facilitated by the Rho platform delivers the same world-class experience customers have – rightly – come to expect.