Rho Raises $100 Million in Financing to Transform Business Banking

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Rho Team
Updated
August 1, 2024
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Building Rho-mentum

2021 has been a busy year for the Rho Business Banking team:

  • We raised $15 million in our Series A funding round
  • We launched our accounts payable feature to enable easy, automated AP for our clients, built into their banking
  • We experienced immense growth (with a 50% increase in transaction volume as of April 2021 on an annualized basis since December 2020)

And today, we are thrilled to announce $100 Million in debt financing from global impact investment firm, Community Investment Management (CIM), fueling our ability to service clients beyond traditional banking needs.

Transforming Banking for Businesses

Our very own Khang Nguyen, Chief Credit Officer at Rho, played an influential role in our partnership with CIM. He brings a wealth of experience, having previously advised and structured more than $20 billion of principal investing and client transactions as a lender, investor, and investment banker. Khang leads our charge into diversified products to better help clients wherever, and however, they need help. As we have always led with a service-first model, this financing only further supports our capabilities to help you.

Supporting a Shift

Companies today operate differently, they are more team-oriented, distributed, transparent and built for scale than ever before - and this is exactly how we have designed Rho. As a result, we are seeing more and more companies leave their traditional banking institutions for modern finance solutions that support their evolving needs.

And this isn’t confined to one industry, Rho’s growing customer base spans venture-backed startups to middle-market companies across all industries.

Partnering with Community Investment Management

We were thrilled when we met Jacob Haar and the team over at Community Investment Management (CIM). CIM is an institutional impact investment firm that provides strategic debt funding to demonstrate and scale responsible innovation across the U.S. and Emerging Markets. That mission deeply resonated with the Rho team.

We are proud to partner with such a well respected and meaningful investor at this pivotal time in Rho’s growth and we are confident in what we can achieve, together. With this new round of funding, the team at Rho are looking forward to some further exciting announcements and a very bright future - we can’t wait to share more with you soon.

Rho Team
December 18, 2024

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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.