Superfiliate

"Rho’s platform and the Rho Mobile App are sleek and modern platforms that make it easy for busy founders like ourselves to run lean teams and manage all the finances that go into running a company – bill payments, banking services, treasury, and more."

What is Superfiliate?

Founded by Andy Cloyd, Superfiliate is a centralized platform where brands can efficiently run their word-of-mouth programs and provide customizable digital storefronts that their creators can personalize with branded content, emojis, and more.

With the proliferation of social media platforms like TikTok, brands have tapped into affiliate marketing to generate sales based on the power of word-of-mouth. First, brands can partner with social influencers, creating content that authentically taps into these ambassadors' connections with their fans. Another option is to offer individual consumers discounts and credit for encouraging their friends and family to buy using their personalized affiliate link. Both center around referral codes and affiliate links with one problem that has become LA-based startup Superfiliate's mission to solve: These are outdated affiliate marketing tools that make it difficult for influencers and individual consumers to manage and aren't optimized to help brands generate sales through their affiliates.

Since launching in 2021, the concept has attracted leading e-commerce merchants like MUDWTR, Dr. Squatch, and Millie Bobby Brown's Florence by Mills and recently raised $3M in seed funding to continue scaling revenue and headcount.

Challenge

Heading into 2023, the LA-based startup banked with Silicon Valley Bank, which provided some tools the founders could use to manage the firm's finances, but they came with several friction points. For example, SVB's web platform lacked key features and a smooth interface, plus they had two different mobile apps that the founders had to use to do something as simple as check account balances. All of these factors added up to the founders, who managed the company's finance operations, needing more founder-friendly tools to have complete finance visibility and control.

However, the most significant tipping point for change came when the LA-based startup scrambled to find another banking partner after SVB's recent collapse. The founders had to act fast to migrate the business to a partner that could help them secure and diversify their cash reserves amid massive market uncertainty. What's more, Superfiliate needed a new, responsive commercial banking partner to help the founders boost their efficiency while managing the startup’s finances.

That's when they reached out to the Rho team and quickly discovered how Rho's platform could help them in more ways than one.

Solution

While Superfiliate initially moved to Rho to safely store its funds with Rho’s Savings Account in the aftermath of the Silicon Valley Bank collapse, it has since expanded its use of Rho’s all-in-one finance platform in three critical ways:

1. Spend control: Superfiliate’s founders can easily pay vendors, manage operating cash, and diversify their funds in one integrated platform.
2. Streamlined cash management: Superfiliate uses Rho Treasury^* to earn bottom-line boosting yield on their recent $3M seed round.
3. Unified finance stack: The Rho Mobile App and platform make it easy for the co-founders to have a holistic view of corporate cash and automate critical processes like moving cash between operating and treasury accounts.

Results

“My first priority was to secure our funds with a new partner, but once we onboarded with Rho, we quickly discovered so many capabilities that solved several other pain points we were having previously,” said Andy Cloyd, Co-Founder & CEO.

One example is Rho’s ability to balance the company’s cash across various banking and treasury accounts in line with Superfiliate’s liquidity, risk, and yield needs. “We hold some of our funds in our operating account for day-to-day operations, but the Rho Savings Account and Rho Treasury have been a total game changer for us as we looked to diversify our funds.” Built on a network of over 400 FDIC-insured banks, the Rho Savings Account^** provides Superfiliate access to up to $75M in FDIC deposit insurance, a vital priority for a company that had just experienced the uncertainty of not knowing if their funds with their previous bank were safe.

With Rho Treasury, Superfiliate has also developed a sophisticated investment policy that is tailored and automated for them, generating a market-competitive yield on assets they own directly in their name – without the founders having to spend hours managing their portfolio. “From initial onboarding to the development of our treasury strategy, we’ve loved the white-glove experience we get with Rho Treasury. It gives us the confidence that we’re reducing our cash burn and optimizing our time as founders as we look to execute the next stage of our growth strategy."

With the company’s recent seed round, the Superfiliate team plans to expand the go-to-market team to onboard more flagship e-commerce brands to the platform. This effort will mean bringing more team members on board, which the Rho is designed to facilitate. “Rho’s platform and the Rho Mobile App are sleek and modern platforms that make it easy for busy founders like ourselves to run lean teams and manage all the finances that go into running a company – bill payments, banking services, treasury, and more. The platform and all the benefits we’ve seen from Rho weren’t something we were seeing from our previous bank or any of the big banks we could have gone with.” Cloyd said. “Rho helps us put our finances on autopilot.”

*Investment management and advisory services provided by RBB Treasury LLC dba Rho Treasury, an SEC-registered investment adviser and subsidiary of Rho. RBB Treasury LLC facilitates investments in securities: investments are not deposits and are not FDIC-insured. Investments are not bank guaranteed, and may lose value. Investment products involve risk, including the possible loss of the principal invested, and past performance does not future results. Registration with the SEC does not imply a certain level of skill or training. Treasury and custodial services provided through Apex Clearing Corp. ("Apex") and Interactive Brokers LLC ("Interactive"), registered broker dealers and members FINRA/SIPC. Interactive rates may vary from Apex rate shown above. For additional information about investment management and advisory services provided by Rho Treasury, please refer to Rho Treasury’s ADV-2A Wrap Fee Brochure.


Rho Treasury is not insured by the FDIC. Rho Treasury are not deposits or other obligations of Webster Bank N.A., or American Deposit Management Co.’s partner banks, and are not guaranteed by Webster Bank N.A., or American Deposit Management Co.’s partner banks. Rho Treasury products are subject to investment risks, including possible loss of the principal invested.

**Insured through the network of over 400 FDIC deposit-insured banks.  More information about Rho’s Savings Account program can be found here.

Please be advised that Andy, the CEO of Superfiliate, is also a compensated brand ambassador for Rho, which may affect the objectivity of the case study presented. While our case study aims to be an honest portrayal of our experiences and strategies in the industry, this context is provided to ensure transparency and maintain the integrity of our content, allowing readers to make informed judgments about the information provided. There is no guarantee that your Rho experience will be the same.

Our case study aims to be an honest portrayal of our experiences and strategies in the industry, and this disclosure is in compliance with the Federal Trade Commission’s guidelines for endorsements in advertising.