Rho announces $75M Series B round to expand financial operating system

New funding will go toward building new capabilities into the Rho platform.
Author
Everett Cook
CEO & Co-founder
Published
December 9, 2021
read time
1 minute
Reviewed by
Updated
February 21, 2024

Today we’re excited to share that we’ve closed our Series B fundraise, bringing $75 million of additional investment to help fuel our mission. The round was led by Dragoneer Capital and DFJ Growth, and included as our existing investors M13 Ventures, Inspired Capital, Torch Capital as well as many leading angel investors and operators who cared deeply about our mission.

We’re excited to continue to invest in our product, our people, and our market to help our customers succeed and continue to redefine one of the largest vertical spaces yet to be truly transformed by innovation.

Finance teams run faster on Rho.

Control spend, boost efficiency, and earn up to 1.25% cashback with Rho.

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We started Rho in 2018 with the objective to build a financial services platform that could truly help make companies smarter, faster, and realize more of their potential. Could we do that? Should we do that? At the time, it was nearly impossible to even open a business bank account online, and tech-forward services in the space were severely limited. 

Rho has grown tremendously in just over three short years, and so has our what we deliver to clients; from beyond business banking to include corporate cards, accounts payable, and much more. Every feature and product we build comes from our community of companies and CFOs who have shown us the real problem they face in running their businesses: the coordination of people and process around money. Every day our team wakes up trying to make this problem incrementally less challenging for those companies.

When we started, we described ourselves as Rho, making it clear who our customers are and what we offered. Today, we’re working on so much more than banking, and we felt it was time for a new look to reflect our broadened mission.

In early 2021, we engaged the team at Design Studio to help us better express what Rho has become. We met with countless customers, accountants, CFO’s, and early Rho users to fully understand what was drawing them to the platform. What we learned was the simple yet powerful nature of the platform that was the primary reason why these early customers chose to move to Rho from their existing solutions. We wanted our brand to speak eloquently to this point.

What you’ll see today is a fresh brand, a fully redesigned interface, and a vision for what the future of commercial financial services will look like. And with this broader scope comes a slight change to our name. Now, we’ll simply be known as Rho.

Rho delivers for clients what can be summed up as frictionless finance. Cash and spend management in a single, seamless platform that is both simple and intuitive, but equally capable of supporting some of the largest and most complex businesses in the world.

We believe our clients are our partners, and we only succeed when they do. We’re thankful and grateful for those that have been on this journey with us since the beginning as well as those that have just started working with Rho.

Welcome to the era of Frictionless Finance!

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Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management, LLC and its partner banks. Conditions apply.