Rho Technologies raises $15m for commercial banking platform

Rho Technologies, a New York-based fintech building a business banking platform, has raised $15 million in a Series A funding round led by M13 Ventures.

The round was joined by Torch Capital, Inspired Capital and Rogue Capital, as well as angel investors Michael Vaughan, Stephen Sikes, Josh Stech and Eric Kinariwal.

Founded by Point72 and Deutsche Bank alum Everett Cook and British-Canadian serial entrepreneur Alex Wheldo, Rho is building a platform that encompasses both collaborative finance software and commercial-grade banking. Banking services are provided by Evolve Bank and Trust.

In addition to the funding, the firm has also unveiled the addition of an accounts payable product to the core Rho Business Banking platform. This will mean clients are now able to take advantage of full accounts payable automation – meaning invoices are uploaded, approved, coded, and paid – all within Rho Business Banking.

Says Cook: “We’ve developed the modern commercial banking platform built around the way companies operate today: distributed, team-oriented, transparent and built for scale. AP is the next step on our mission to help teams work better together with money.”

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