New York-based business banking account Rho Technologies has netted $15m in its Series A to expand its team.
M13 Ventures led the round, with commitments also coming from Torch Capital, Inspired Capital and Rogue Capital. A number of angel investors also joined the round, including Michael Vaughan, Stephen Sikes, Josh Stech and Eric Kinariwala.
This equity has been earmarked to expand the platform, initially focusing on the launch of an integrated payabe platform.
The company’s accounts payable product expands its core banking platform by enabling companies to run full accounts payable lifecycles right within Rho. Clients are now able to take automate the process, helping them to save thousands of dollars.
Rho Technologies co-founder Alex Wheldon said, “Having built and scaled multiple businesses, I’d always found that commercial banking was a major point of friction. Today’s companies expect and deserve a modern solution.
“Rho Business Banking is empowering the whole organization to work better together by removing the silos and bottlenecks associated with finance, while allowing companies to maintain safety and control.”
The company’s digital banking product offers them up to $10m in FDIC insurance and 1.61% on cash management, as well as various API integrations.
The technology-first banking platform includes interest on both cash and treasury accounts, with no minimum balances, APIs to enhance workflow automation, and team accounts to aid collaboration.
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