NEW YORK--(BUSINESS WIRE)--Rho Technologies, the high-growth fintech enterprise behind Rho Business Banking*, today announced the launch of the Rho Card, the first-ever, bank-issued corporate card that gives businesses the ability to flexibly manage their cash back, credit terms, company spend controls and policies - all on their terms. This unique corporate card Mastercard was designed to empower business growth while helping manage spend with precision and accountability.
Cash flow is the lifeblood of any business. With the Rho Card, clients can opt to maximize their cashback up to 1.75%, extend their repayment terms for additional float, or calibrate the right balance in-between. Rho Card terms can be flexibly tailored up to four times per year to meet evolving cash flow needs and higher, stable credit limits help stimulate business growth.
With the Rho Card, clients gain full access to an unparalleled business banking* platform; equipped with a full suite of tools, including access to no-fee business banking*, global payments, accounts payable and a world-class capital markets team.
“Until now, companies have been stuck with corporate cards that put them in a rigid box, confined to a single set of terms. Businesses are cyclical. As business owners ourselves, we built this first-of- its-kind card we always wanted, that supports the evolving needs of modern businesses as they grow,” says Alex Wheldon, Co-Founder and Chief Product Officer at Rho.
The Rho Card powers businesses with unrivaled tools to stimulate growth:
- A cutting-edge underwriting process helps find the highest credit limit that increases as they grow, without personal guarantees, collateral or random fluctuations.
- Built-in spend limits and category restrictions enable precise control over spend, at scale
- Customers can authorize an unlimited number of virtual or physical cards and set individual spend limits to manage usage, foster clear accountability and stop card sharing.
- Cards can be assigned to budgets for easy tracking of expenses by employee, project, budget or department.
- Digital receipt uploads and auto-synced accounting save time reconciling expenses.
- A centralized dashboard provides immediate visibility into company spend - across all cost centres.
- Uniquely paired with concierge-level support from the Rho team to assist with all aspects of card management.
“Rho has enabled Caraway’s expansion. They adapt to our growth, provide superior products and allow us to optimize our operating expenditure,” said Mark Riskowitz, Head of Operations at the NYC-based cookware company Caraway.
The Rho-branded card solution rounds out the company’s suite of tools under its unified Rho Business-Banking* platform, designed to help businesses, from high-growth to mid-market, save time, money and effort as they expand. The company has raised $120 million of equity and debt financing from institutional investors, including Inspired Capital, M13 Ventures, ConsenSys, Torch Capital and Community Investment Management.
About Rho
Rho Technologies is the NYC-based fintech behind Rho Business Banking*, the only 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 by former Point72 and Deutsche Bank alum Everett Cook and British-Canadian serial entrepreneur Alex Wheldon. With backgrounds in both finance and operations, they understood how badly fragmented and outdated current commercial finance solutions and tools were relative to the rest of today’s enterprise software. The Rho Business Banking* platform approach consists of a single solution that encompasses both collaborative finance software and commercial-grade banking*, which together help businesses save time, money, and effort as they grow. Clients are all supported by its team of business bankers and capital markets professionals.
*Banking services under the Rho brand currently are provided by Evolve Bank and Trust, Member FDIC. Card services under the Rho brand issued by Sterling National Bank, Member FDIC.
