Raised to date
After being in stealth for over a year, Fabric burst into the SaaS scene in mid 2020, and their intuitive e-commerce tools immediately took off among retailers.
There was just one snag: many financial solutions on the market posed an obstacle to expansion with slow service and high price tags.
“I was used to banks taking multiple days to resolve an issue and charging exorbitant fees for wires, ACH transfers, and account maintenance—totaling $5,000 a month,” said Shetty. “Quite frankly, that’s unacceptable when you’re growing at 800% year over year. We needed a financial partner that’s as fast as we are in order to scale successfully.”
That’s why Shetty transitioned Fabric to Rho.
Now, Fabric manages its banking, corporate cards, and accounts payable services using Rho’s unified platform, streamlining their financial capabilities.
Best of all, Rho automates key workflows. For example, invoices are instantly uploaded, coded, and dispatched to the right parties for approval—freeing Fabric’s finance team up to address more important tasks.
Since partnering with Rho, Fabric has said goodbye to overpriced banking and AP services, saving close to $60,000 a year in bank fees alone.
By using Rho’s physical cards for travel and expenses and virtual cards for subscriptions and operating costs, they also earn 1.5% cash back with every swipe—or click.
For Shetty, it’s not just the tangible benefits that matter. Fabric also enjoys smoother, more productive banking with Rho, seeing countless gains in time and convenience.
Currently, Fabric is on pace to be the fastest-growing enterprise SaaS company in the world, having just raised $100 million in their Series B.
“We have boundless potential,” said Shetty, “and we’re scaling very quickly on an international level. We’re at about 150 people today, and we’ll double that in the next 12 months.”
As they look toward the future, they’re glad to have Rho by their side.
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.