Rho Technologies, the parent company of Rho Business Banking, has bagged $100m in debt financing to support its strategic initiatives.
The financing was supplied by Community Investment Management, a global impact investment firm.
With the funds, the company hopes to broaden its service offerings to business clients, including direct-to-consumer furniture company Burrow, collaboration software company Popular Pays and direct-to-consumer home goods company Caraway.
This debt comes hot off the heels of its $15m Series A round, which was supplied by M13 Ventures, Torch Capital, Inspired Capital and Rogue Capital. The funds were raised to support the launch of its integrated accounts payable feature for its Rho Business Banking service.
Rho Business Banking is a commercial banking platform that supplies businesses with free global payments, automated bookkeeping and management dashboards.
CIM co-founder and managing partner Jacob Haar said, “We are proud to support Rho’s endeavour to modernize business banking to create a more inclusive financial ecosystem, one that serves not just large commercial businesses but also smaller high growth firms with first-class services that are generally inaccessible to them.
“We are looking forward to this partnership and what we can achieve together.”
The company has witnessed strong growth, with a 50% increase in transaction volume between December 2020 and April 2021.
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