Financial services platform Rho on Thursday (Dec. 9) announced the conclusion of a Series B fundraising round that brought in $75 million.
Dragoneer Capital and DFJ Growth led Rho’s funding effort, with additional participation from existing investors M13 Ventures, Inspired Capital, Torch Capital, angel investors and others “who cared deeply about our mission,” according to a blog post by Everett Cook, CEO and co-founder of Rho.
“We’re excited to continue to invest in our product, our people, and our market to help our customers succeed and continue to redefine one of the largest vertical spaces yet to be truly transformed by innovation,” he wrote.
“We started Rho in 2018 with the objective to build a financial services platform that could truly help make companies smarter, faster, and realize more of their potential. Could we do that? Should we do that? Rho has grown tremendously in just over three short years, and so has our what we deliver to clients; from beyond business banking to include corporate cards, accounts payable, and much more,” wrote Cook.
Rho’s suite of products is inspired by its customers, he said.
“Every feature and product we build comes from our community of companies and CFOs who have shown us the real problem they face in running their businesses: the coordination of people and process around money,” wrote Cook. “Every day our team wakes up trying to make this problem incrementally less challenging for those companies.”
Meanwhile, new PYMNTS research, the Next-Gen Commercial Banking Tracker, a collaboration with FISPAN, shows that embedded finance will reach $7 trillion globally in the next 10 years.
Embedded finance uses connective technologies to integrate payments into non-financial platforms, such as company websites or mobile apps, which allows merchants and brands to offer unique financial services to customers quickly at a relatively low cost.
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