Corro Clears Hurdles and Boosts Growth With Rho
How Rho’s flexible business banking platform breaks down traditional financing barriers to help drive success.
As a growing business, Corro found itself saddled by the arduous, inflexible processes of their traditional bank. The company turned to Rho, whose products and services saved Corro time while increasing their credit limit by more than 3x, fueling their next level of success.
Corro is a venture-backed, e-commerce platform looking to make a difference in the equine industry. With a clear sense of purpose (offering clients the best shopping experience and highest quality products to care for their horses) and a vision for where they wanted to go, they needed financial flexibility, a higher credit limit, and efficient banking tools to get there.
Corro realized that their conventional bank wasn’t meeting their needs. COO Drew Rudebusch, saw firsthand how onerous policies and clumsy processes were stifling the company’s growth.
“Any time spent managing banking is time spent not working on operations,” he said.
According to Rudebusch, Corro’s original bank acted more like a gatekeeper than a partner. Their dated approach to customer experience, copious paperwork, and time-consuming back and forth gave Corro very little leeway when it came to investing in growth. “It was like pulling teeth. We had to pay our card every other day just to make sure we still had available credit.” says Rudebusch.
After growing frustrated with restrictive policies and a lack of support, Corro partnered with Rho.
With Rho in their corner, the first order of business was to free up lines of credit so that Corro could focus on scale and growth rather than their current balance.
Rudebusch was able to easily manage payment terms, cash back, and spend controls, all while benefiting from a massive 3x increase in spending limit with Rho’s flexible corporate card.
Rudebusch was also able to order new physical cards and issue unlimited virtual cards to employees in the space of an afternoon, a process that took weeks at Corro’s previous bank. This allows Corro the flexibility and financial backing they need to meet new challenges as they arise.
That Saves Time
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.
That efficiency extends to the entire Rho experience. Getting set up was fast and pain free. Within a day, Corro secured approval, established and funded their Rho account, and integrated Quickbooks–allowing them to get started immediately.
Rho’s accounts payable solution gives Corro the tools to ensure bills are paid and automatically reconciled with Quickbooks, saving time and effort. Within one, single dashboard he is also able to set roles and permissions, approve invoices, revoke cards, assign budgets, and see Corro’s spend in real-time, freeing him to focus elsewhere.
“With Rho, not only do I get 15 minutes back on every wire I send, I save time on all my financing and accounting tasks. The efficiency Rho offers has completely changed how we run our business.”
Part of that change is rewarding spending with a comprehensive savings program. With Rho’s no-fee global payments, Corro saves money every time they pay a vendor or contractor. They also earn up to 1.5% cash back on their card spend, turning their AP centre into a source of savings.
For a young company, that’s more than just a perk, the cash back earned can add up to the equivalent of a full-time hire.
What most impresses Rudebusch is the support and guidance Rho provides alongside their game-changing technology. “Our last bank approached our relationship like we were going to fail, and they needed to protect themselves. Rho knew we’d succeed and actively helps us get there.”
Rho saw Corro’s potential and gave them the tools and support to drive rapid growth. At the same time, Corro gained a partner that could guide them while growing alongside them.
“Rho is regularly making improvements and continuing to evolve. They’re forward thinking, solutions oriented, and not rooted in antiquated traditions, and I appreciate that.”
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