Rho Raises $100 Million in Financing to Transform Business Banking
2021 has been a busy year for the Rho Business Banking team:
We raised $15 million in our Series A funding round
We launched our accounts payable feature to enable easy, automated AP for our clients, built into their banking
We experienced immense growth (with a 50% increase in transaction volume as of April 2021 on an annualized basis since December 2020)
And today, we are thrilled to announce $100 Million in debt financing from global impact investment firm, Community Investment Management (CIM), fueling our ability to service clients beyond traditional banking needs.
Transforming Banking for Businesses
Our very own Khang Nguyen, Chief Credit Officer at Rho, played an influential role in our partnership with CIM. He brings a wealth of experience, having previously advised and structured more than $20 billion of principal investing and client transactions as a lender, investor, and investment banker. Khang leads our charge into diversified products to better help clients wherever, and however, they need help. As we have always led with a service-first model, this financing only further supports our capabilities to help you.
Supporting a Shift
Companies today operate differently, they are more team-oriented, distributed, transparent and built for scale than ever before - and this is exactly how we have designed Rho. As a result, we are seeing more and more companies leave their traditional banking institutions for modern finance solutions that support their evolving needs.
And this isn’t confined to one industry, Rho’s growing customer base spans venture-backed startups to middle-market companies across all industries.
Partnering with Community Investment Management
We were thrilled when we met Jacob Haar and the team over at Community Investment Management (CIM). CIM is an institutional impact investment firm that provides strategic debt funding to demonstrate and scale responsible innovation across the U.S. and Emerging Markets. That mission deeply resonated with the Rho team.
We are proud to partner with such a well respected and meaningful investor at this pivotal time in Rho’s growth and we are confident in what we can achieve, together. With this new round of funding, the team at Rho are looking forward to some further exciting announcements and a very bright future - we can’t wait to share more with you soon.