Fabric Finds Seamless Growth With Rho

How Rho’s all-in-one business banking suite is streamlining finance for a modular commerce platform

Industry:

SaaS

Products:

Accounts Payable
Banking
Corporate Cards

$60,000

Saved per year
in fees

800%

YOY Growth

$153.5 Million

Raised to date

Challenge

Fabric’s business was surging month over month, but the expense and inefficiency of disconnected banking, corporate card, and AP services were weighing them down.

Solution

Leveraging Rho’s efficient and fee-free financial tools, Fabric is on pace to become the fastest-growing SaaS company in the world.

Easy eCommerce

Fabric is a headless commerce platform that allows growing companies to separate the front and back ends of their retail applications and work on modularized services in isolation, so they can quickly boost customer experience without having to re-platform.

Nevin Shetty

CFO
Fabric

Challenge

Steep Scaling

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.

“Since coming out of stealth, we’ve grown exponentially, compounding ARR at 24% month over month,” said CFO Nevin Shetty.

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.

Solution

An Automated, All-in-One Solution

Now, Fabric manages its banking, corporate cards, and accounts payable services using Rho’s unified platform, streamlining their financial capabilities.

“Instead of having three tabs open in three different apps to manage our banking, cards, and AP,” said Shetty, “they’re all integrated on Rho’s platform. By synchronizing our finances, Rho saves us an incredible amount of time and improves our efficiency and efficacy at work.”

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 I don’t have to spend time entering AP data, managing logins, and double-checking reports, I can work on things that truly add value to our business”

Savings Across The Board

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.

“My top priority is value, so Rho won me over with their fee-free payments,” said Shetty. “But what’s really kept me on the platform is their superior customer service and user experience. Rho’s support team  answers my questions in less than 15 minutes.”

Moving Forward

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.

“Having a tech-enabled banking solution and a solid financial partner is essential as our transactional volume multiplies,” said Shetty. “We know Rho is right for the job.”

Enroll today, completely free.

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.

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