Saved per month
Head of Operations
Mark Riskowitz, Head of Operations at Caraway, recalls how the startup’s rapid scaling presented a challenge for their previous bank.
On several occasions, Caraway had transactions declined when they surpassed their prohibitively low, unpredictably fluctuating limits. “In some cases, we went half a day without any ad operations,” said Riskowitz. “In the direct-to-consumer, e-commerce world, that’s extremely harmful.”
For their small team, monitoring and maintaining those financial constraints—as well as constantly paying down their card to avoid further shutdowns—became a time-consuming, daily chore.
To reclaim their working hours and boost their working capital, Caraway turned to Rho.
Caraway now uses Rho as their primary financial technology partner to unify their banking, payments, and corporate card services within one single platform.
For Riskowitz, migrating to Rho was easy, and higher credit limits and flexible terms were all the reason Caraway needed to make the switch.
Rho has allowed Caraway to stretch existing assets while projecting and stimulating future growth. They’ve already extended their AP/AR gap by 50% across all operating expenses and increased their credit limit by 300%, and those gains continue to scale with their business.
Throughout their partnership, Rho’s team has gotten to know Caraway as a company and has regularly tailored terms to meet the startup’s unique needs and changing priorities.
Even better, Rho’s automated platform has made financial busywork a thing of the past. The autopay feature—which automatically pays down a balance as it nears the credit limit—saves Caraway about 10 work hours a month and means important transactions are not declined.
With Rho’s proactive, high-touch service and responsive software, Caraway can stop worrying about overdrafts and financial troubleshooting and start focusing on their next stage of growth.
As Caraway expands its operations, increases its distribution channels, and launches new products, they’ll continue to leverage the tools Rho provides to drive success.
Riskowitz is especially impressed by how Rho has translated their faith in Caraway into an actual service offering.
Rho is open to businesses with an initial deposit above $50,000 or corporate card spending commitment in excess of $5,000 a month. Although we don’t charge a fee for using banking, some services carry additional fees. Terms & conditions apply.