Why Rho chose Webster Bank, N.A. as our partner

Learn why Rho partners with Webster Bank, N.A.
Author
Everett Cook
Updated
August 1, 2024
Read time
7

Spending made smarter

Eliminate annoying banking fees, earn yield on your cash, and operate more efficiently with Rho.

When we launched in 2018, partnering with smaller, tech-native banks became the standard operating procedure for brands like Rho, Chime, Square, PayPal, and others solving customer needs unmet by traditional financial service providers. However, we quickly realized we needed an institutional partner with a strong reputation for supporting the world-class clients that Rho attracts.

Read on to learn more about our partnership with Webster Bank, N.A.

Our History with Webster Bank, N.A.

In June 2020, we kicked off the search and landed on Sterling National Bank, a New York-based, nationally-chartered bank with a robust compliance and risk management culture and approximately $30bn in assets. Several months after partnering with them, Sterling merged with Webster Bank, N.A., with approximately $77bn of combined assets. This move further solidified our belief in the institutional-grade capabilities of our new partner.

To support the transition, we began building out our proprietary core needed to integrate with Webster Bank, N.A.’s systems. In 2021, we launched our card product with Webster as the issuing sponsor, followed by checking and banking products earlier this year.

We recognized early that being one of the very few fintechs that partner with a national bank of this scale comes with unique challenges. The compliance and risk standards for every Rho product and feature we launch must concurrently meet a high bar. But in an industry where client trust is your primary currency, this high standard is non-negotiable. We believe it is a competitive advantage.

The fruitful and constructive conversation around fintech-bank partnerships has grown increasingly robust in 2022, and we are excited for that to continue. Our choice to partner with Webster Bank, N.A., Member FDIC, reflects our focus on capability, integrity, and trust. It also underscores our commitment to ensuring every user expense and bill payment facilitated by the Rho platform delivers the same world-class experience customers have – rightly – come to expect.

Everett Cook
November 28, 2024
Everett Cook is the co-founder and CEO of Rho. With over a decade of experience in finance and investment management, Everett is an expert in financial structuring, macroeconomics, and fintech regulations. Before founding Rho, Everett was a macro hedge fund analyst and portfolio manager at institutions including Deutsche Bank and Point72 and led research efforts at two $1 billion+ funds. Everett worked under leaders like Steve Cohen and Mayor Michael Bloomberg early in his career.

Scale your startup with Rho today

Book time to see the Rho platform in action with one of our startup specialists.
Learn more

Related articles

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Rho is a fintech company, not a bank or an FDIC-insured depository institution. Checking account and card services provided by Webster Bank N.A., member FDIC. Savings account services provided by American Deposit Management Co. and its partner banks. International and foreign currency payments services are provided by Wise US Inc. FDIC deposit insurance coverage is available only to protect you against the failure of an FDIC-insured bank that holds your deposits and subject to FDIC limitations and requirements. It does not protect you against the failure of Rho or other third party.
The Rho Corporate Card is issued by Webster Bank N.A., member FDIC pursuant to a license from Mastercard.
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.
             
This material presented is for informational purposes only and should not be construed as legal, tax, accounting or investment advice. Under no circumstances should any of this material be used for or considered as an offer to sell or a solicitation of any offer to buy an interest in any securities. Any analysis or discussion of financial planning matters, investments, sectors or the market generally are based on current information, including from public sources, that we consider reliable, but we do not represent that any research or the information provided is accurate or complete, and it should not be relied on as such. Our views and opinions are current at the time of publication and are subject to change. You should consult with your attorney or relevant professional advisor for advice particular to your personal or business situation.
                  
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.
*This reflects the sought net yield based on 90-day Treasury Bill rates as of [DATE] and an annual fee which ranges from 0.15% for deposits of $20M or more to 0.6% (the maximum annual fee) for deposits under $2M. Individual results may vary depending on the actual investment date and investment products selected. Past performance is not a guarantee of future performance results. The yield is variable and fluctuates without prior notice. The rate shown is net of fees. The amount of Treasury Bills available at a particular yield will depend upon the sellers’ offer size; any remaining cash balance after the purchase may not earn the same yield.
© 2019-2024 Under Technologies, Inc. DBA Rho Technologies. Rho is a trademark of Under Technologies, Inc.

Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management Co. and its partner banks.