Rho Gets $100M in Debt Financing.
Rho Technologies is a popular Fintech solutions company that offers its services to corporate clients. The solutions from Rho are so comprehensive that you would not need any other software to manage the expenses, banking, cards, and accounts payable. This start-up has shown tremendous potential, which is why Rho was able to secure $100M in debt financing. The debt comes from Impact Management. Impact Management is a San Francisco based community that focuses on offering debt to fintech organizations.
What is Rho 100m 15m Januaryeganfinledger ?
As per one of the posts from John Egan, it is expected that Rho will double its workforce, and this workforce will focus on improving the product. This announcement to get $100M came right after the company received $15 M in funding in January. This was a part of Series A funding, and M13 Ventures was the major participant in this round. Other Series A funding round participants were Rogue Capital, Inspired Capital, and Torch Capital. Since its launch in 2019, Rho has received a total funding of $20 M.
Rho used the majority of this funding to develop Rho AP. The Rho AP was designed to take care of Accounts Payable. The investment certainly gave positive results to the company. Rho also got into a deal with Sterling National Bank. As per the deal, Sterling National Bank will offer banking as a service platform with the help of Rho. Since December 2020, Rho has witnessed a growth of 50% in the volume of transactions. Some of the major clients that Rho has are Hydrant, Burrow, Caraway, Kaleido, and Popular Pays. The banking services available on Rho are supplied by Evolve Bank & Trust. So Rho 100m 15m Januaryeganfinledger means Rho, a one-stop shop for business banking, secures $100M .
Rho is modernizing business banking, and it is creating a financial ecosystem that can service high-growth firms and large commercial businesses. With a positive aspect towards the growth in digital banking, Rho is expected to grow further and benefit a large section of consumers.