The Corporate Spend and Cash Management Company Has Grown 10x in Under 12 Months.
NEW YORK, December 09, 2021--(BUSINESS WIRE)--Rho, the corporate spend and cash management company, today announced its Series B funding round led by Dragoneer Investment Group. New investors including DFJ Growth, and existing investors including M13, Inspired Capital and Torch Capital also participated in the equity financing.
The company has grown 10x in under 12 months, driven by constant innovation and product delivery, including the launch of its integrated accounts payable product in January 2021 and its corporate card in May 2021. Today, Rho also unveiled its redesigned product and brand, including updates to its core platform to create an even more seamless and streamlined experience for its customers.
"The past year has been a period of extreme growth at Rho, and we’re thrilled to bring in additional capital to invest in our platform so we can continue to transform finance for the world’s most dynamic companies," said Everett Cook, CEO and co-founder of Rho.
Founded in 2018, Rho’s mission is to make finance frictionless for organizations. It was the first financial platform to combine corporate cards, cash management and accounts payable into one easy-to-use product and continues to set the pace for innovation in the industry. Rho will use this latest funding to continue investing in innovation, with an unrelenting focus on simplifying finance operations for organizations.
"When we met Alex and Everett, we were immediately impressed by their long-term vision for Rho. The company is laser-focused on automating the back-office and building the platform to enable ‘self driving’ finance in the enterprise," said Sam Fort, Partner at DFJ Growth. "The team grew up in a digitally-native environment, and deeply understand their end customer. We are excited about the tremendous traction Rho is seeing in the market, and the massive potential for Rho to re-imagine the way businesses manage their finances with their modern, innovative platform," he said.
Rho has also hired Sebastjan Trepca as its new Chief Technology Officer to lead the company’s engineering expansion. Prior to joining Rho, Sebastjan co-founded London-based fashion shopping app Lyst, which counts over 100M users/year and has raised over $144M to date. At Lyst he served as CTO, and built the initial product and data services that helped grow the organization into one of London’s leading technology companies.
Rho’s customer growth shows how critical its product offering is to rapidly scaling companies. Fabric, an e-commerce platform currently on pace to be one of the fastest growing enterprise SaaS companies in the world, has been working with Rho since early 2021. "By synchronizing our finances, Rho saves us an incredible amount of time and improves our efficiency considerably," said Fabric CFO Nevin Shetty. "Instead of having three different apps to manage our banking, cards, and AP, they’re all integrated on Rho’s platform."
To meet growing demand and continue to invest in its platform, Rho has tripled its headcount since March 2020, bringing the team size to over 80 people. Rho has raised $205M of equity and debt financing to date from institutional investors, including Dragoneer, DFJ Growth, M13, Inspired Capital, Torch Capital, ConsenSys, and Community Investment Management.
Rho is the first finance platform built from the ground-up to help business teams work better together. Rho partners with various providers, including banks, to provide businesses with holistic financial services under the Rho brand.
The company was founded in 2018 by former hedge fund investor Everett Cook and British-Canadian serial entrepreneur Alex Wheldon. With backgrounds in both finance and operations, they understood how badly fragmented and outdated current corporate banking and spending solutions were relative to the rest of today’s enterprise software. The Rho platform approach consists of a single solution that serves as a holistic start and end to spend and cash management, encompassing banking, corporate cards and payables, all backed by expert support at every step.
*Banking services under the Rho brand currently are provided by Evolve Bank and Trust, Member FDIC and Sterling National Bank, Member FDIC. Card services under the Rho brand issued by Sterling National Bank, Member FDIC.
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