What Rho does

Rho (Under Technologies, Inc.) is a New York-based financial technology company founded in 2018 that provides an integrated business-banking, payments, and finance-operations platform for U.S. companies. The product suite spans FDIC-insured business checking and savings (held at Webster Bank, N.A., with sweep savings via American Deposit Management), corporate cards with up to 1.5% cashback, expense management, bill pay, invoicing, treasury services (via RBB Treasury LLC, an SEC-registered investment adviser, and Apex Clearing/Interactive Brokers for custody), working-capital products, and accounting-close automation. The platform integrates natively with QuickBooks, NetSuite, Xero, and other finance systems, and offers a developer API/SDK for embedded use cases. Rho monetizes through interchange on card spend, treasury AUM fees (0.15%-0.6%), transaction fees (wires, ACH, FX, late fees), and capital/lending margin; it does not charge platform subscription fees. Its go-to-market is hybrid: a self-serve, product-led motion for startups and small businesses (with distribution partnerships including Stripe Atlas and Gusto), a sales-led motion for enterprises, accountants, and banks (via the Accountant Partner Program and Rho for Banks white-label offering), and a growing West Coast presence out of a new San Francisco office. Named customers are predominantly venture-backed startups such as Perplexity, Product Hunt, Dune, Kalshi, Merge, and Lunchbox. As of late 2025, Rho had raised approximately $296M in total funding at a $1.5B valuation (Series C, October 2025) and employed between 251 and 500 people.

Rho's platform architecture is notable for the way it composes regulated third-party infrastructure (sponsor bank, SEC-registered adviser, broker-dealer custody, and international payments via Wise) into a single product surface, while owning the user experience, automation, and integration layer. Recent product emphasis has been on AI-assisted automation: Rho Close uses natural-language processing to auto-categorize transactions for accounting close, One-Click AP applies computer vision to invoice data capture, and identity verification relies on facial recognition. The company has also signaled ecosystem expansion through a strategic investment in Zenskar (April 2026), pointing to a broader ambition of connecting billing, banking, and finance operations.

Rho serves four primary customer segments: venture-backed startups (its historical core, with logos such as Perplexity, Product Hunt, Dune, Kalshi, and Merge), small and mid-sized businesses, larger enterprises, and accountants/financial advisors, the last of which it reaches both directly and through a partner program. Banks are also a segment via the Rho for Banks white-label offering, which effectively makes Rho a B2B2C platform. The combination of zero platform fees, interchange-driven economics, and an expanding product surface targets increasing share-of-wallet within each customer's finance stack, with the implied strategy of moving from a startup banking account to a full-stack finance-operations system as customers scale.

Name

Rho

Legal name

Under Technologies, Inc.

Website

https://rho.co

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

251–500 employees

Short description

Rho is a U.S. fintech (founded 2018) that provides an integrated business-banking, corporate-card, expense, treasury, and AI-assisted accounting-close platform, primarily serving venture-backed startups, small businesses, and growing enterprises with zero platform fees and interchange-driven economics.

Ownership category

akta.pro rank

Product category

Business Banking

NAICS

Depository Credit Intermediation (5221)

SIC

Miscellaneous Business Credit Institution (6159), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Treasury, Cash Management & Liquidity Tools (Sweeps, Cash Concentration) (FSAGAAAG)

akta.pro secondary industries

Embedded FX & Cross-Border Treasury (FSAGALAG), Treasury & Risk Management Solutions (FX/MM, hedging, TMS integration) (FSABAIAE), Corporate Cash Management & Treasury Services (FSAMAOAA)

Keywords

• Business banking
• Corporate cards
• Expense management
• Treasury management
• Spend management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Transaction & Wire Fees: Rho charges transaction-based fees including a $30 wire recall fee, optional $15 SWIFT fee, 1% foreign currency conversion fee, and up to 1% on foreign card transactions. Rho also charges a 3% late fee on delinquent card balances for up to six months.
2. Treasury Asset Management Fees: Rho Treasury (via RBB Treasury LLC, an SEC-registered investment adviser) charges an annual fee ranging from 0.15% for deposits of $20M+ to 0.6% (max) for deposits under $2M, on assets invested in 90-day U.S. Treasury Bills through Apex Clearing and Interactive Brokers.
3. Card Interchange & Cashback Economics: Rho offers up to 1.5% cash back on corporate card spend (up to 2% per some reviews). The cashback rewards program tiers cardholders based on spend and includes exclusions for certain merchant categories (Walmart, utilities, money transfers, non-U.S. transactions), suggesting net interchange revenue after cashback payout.
4. Capital / Lending Products: Rho offers a Capital product allowing businesses to apply in minutes with funds landing directly in the Rho account, providing working capital or credit lines that generate interest income.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels8 records

Core offering

Rho provides an all-in-one cloud-based financial platform for U.S.-based incorporated businesses, integrating FDIC-insured business checking and savings, yield-earning treasury, Mastercard-issued corporate cards, expense management, AI-powered accounts payable (Bill Pay), invoicing, working capital, and AI-driven close (Rho Close) in a single stack. Banking and card services are provided through sponsor bank Webster Bank, N.A.; savings is provided through American Deposit Management Co.; treasury advisory is delivered by SEC-registered RBB Treasury LLC with custody via Apex Clearing and Interactive Brokers.

Product overview

Rho is a single unified fintech platform (not a point-solution suite) that combines banking, corporate cards, treasury, spend management, and accounting automation for U.S. businesses. The core checking and card products are issued by sponsor bank Webster Bank, N.A. (FDIC-insured); savings is provided through American Deposit Management Co.; treasury advisory is provided by SEC-registered RBB Treasury LLC with custody via Apex Clearing Corp. and Interactive Brokers LLC; and international payments are powered by Wise US Inc. On top of this banking core, Rho layers modular products — Business Checking, Business Savings, Treasury, Corporate Cards (Daily and Monthly Terms), Expense Management, Bill Pay, Invoicing, Capital, and Rho Close (AI-powered intelligent transaction coding) — sold as one platform with segment-specific packaging (Rho for Startups, Rho for Small Businesses, Rho for Enterprises, Rho for Accountants, Rho for Banks, Rho for Consumer Brands). The Rho Prime Treasury service (launched September 2022 from the InterPrime acquisition) and add-on tools (SAFE Note Generator, financial calculators/templates, Rho Rewards cashback program) extend the platform further. Rho's go-to-market positioning is "zero platform fees, one platform you'll never outgrow," with dedicated onboarding and integrations to accounting systems (QuickBooks, NetSuite) and partnerships (Stripe Atlas, Gusto).

Differentiator

Problem solved

Functional benefit

Brands

• Rho Treasury: Investment management and treasury product line operated through subsidiary RBB Treasury LLC, an SEC-registered investment adviser; offers yields on idle business cash.
• Rho Close
• Rho Card

Products and services

• Rho Business Checking FDIC-insured business checking account for U.S.-based incorporated businesses (LLCs, C-corps), with $0 ACH fees, free same-day ACH and wire transfers, up to $25M daily incoming wire limits, and up to $75M in FDIC insurance coverage through Webster Bank, N.A.
• Rho Business Savings Business savings account positioning cash protection and growth in a single Rho-managed product, with services provided through American Deposit Management Co. and its partner banks.
• Rho Treasury Yield-earning treasury product investing idle business cash in 90-day U.S. Treasury Bills, with a 4.40% sought net yield (as of 06/23/2026) and annual fees of 0.15%–0.6% by deposit size. Advisory services provided by RBB Treasury LLC (SEC-registered); custody via Apex Clearing Corp. and Interactive Brokers LLC.
• Rho Corporate Cards Corporate Mastercard issued by Webster Bank, N.A. with up to 1.5% cash back on all spend, available in Daily Terms (one-day charge card) and Monthly Terms (extended credit) variants, with role-based controls, spend limits, and underwriting-driven spending caps.
• Rho Expense Management Automated expense reporting and real-time spend controls that capture receipts, eliminate manual expense reports, and enforce budgets at the point of swipe for discretionary and reimbursable spend.
• Rho Bill Pay Accounts payable automation that uses AI to scan invoices, route approvals automatically, and pay vendors from the user's Rho accounts with zero per-payment fees.
• Rho Invoicing Send invoices and receive payments directly from the user's Rho banking account, enabling accounts receivable workflows inside the Rho platform.
• Rho Capital Capital/credit product allowing Rho customers to apply in minutes and receive funds deposited directly into their Rho account for working capital needs.
• Rho Close AI-powered intelligent transaction coding feature that automatically classifies banking, card, and treasury transactions to accelerate monthly book close.
• Rho Prime Treasury Treasury management service that integrates InterPrime's treasury platform into Rho, enabling businesses to manage cash, spending, and treasury operations on a single platform.

Quantifiable outcome

• Up to $75M FDIC insurance coverage on business checking
• +5 more outcomes

Named customers11 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability7 records

Feature6 records

Partnerships

Four partnerships are on record, tiered flagship and core.

• Stripe AtlasflagshipStrategic or Co-development Partner · 1 January 2026Strategic partnership enabling founders to access Rho's banking services immediately after company formation through Stripe Atlas, even before receiving their EIN. Qualifying C corporations that deposit $20,000 within 60 days of account opening receive a $1,600 bonus, while qualifying LLCs receive $750. The partnership embeds Rho into the startup incorporation journey.
• Galileo Financial TechnologiescoreTechnology or Integration · 27 August 2024Galileo (a SoFi Technologies-owned fintech issuer-processor) integrated Mastercard Smart Data into its B2B expense management platform; Rho was the first fintech client to launch the integration. The service automatically ingests enriched transaction data (merchant details, purchase info) into Rho's ERP or expense management systems, eliminating manual entry.
• MastercardflagshipTechnology or IntegrationMastercard provides the card network license under which Rho Corporate Cards are issued by Webster Bank, N.A. Rho uses Mastercard Merchant Category Codes (MCC Codes) to designate merchant categories (e.g., utilities, money transfer) for cashback eligibility rules. Rho was also the first fintech client to integrate Mastercard Smart Data via Galileo.
• GustocoreGTM or Marketing PartnerRho is listed as a Banking Partner in Gusto's Partnership Hub, enabling co-distribution to Gusto's SMB and HR/payroll customer base as a recommended banking solution for businesses using Gusto for payroll.

Scale indicators8 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Brex: Brex offers corporate cards, business banking, expense management, bill pay, and treasury targeting startups and mid-market companies — the closest head-to-head competitor to Rho across the all-in-one financial platform thesis.
• Ramp: Ramp provides corporate cards, expense management, bill pay, AP automation, and procurement for SMBs and mid-market — competing directly with Rho on integrated cards + spend + AP, particularly for growing startups and enterprises.
• Mercury: Mercury offers startup-focused business banking, treasury, and cards, and has expanded into bill pay, accounting, and international banking — directly overlapping with Rho's core banking, treasury, and cards offering for the startup segment.
• Arc: Arc provides high-yield business banking, treasury, and credit products for startups, and has expanded into cards and AP — competing head-to-head with Rho on yield-focused treasury and integrated startup financial services.
• Relay Financial: Relay offers business checking, savings, cards, and bill pay with strong integrations for small and growing businesses — directly overlapping Rho's SMB banking + cards + bill pay offering at the small-business end of the market.
• Bluevine: Bluevine provides small business banking, high-yield savings, invoice factoring, and lines of credit — competing with Rho on business checking, yield, and embedded credit, particularly for established small businesses.
• Novo: Novo offers free small business banking, invoicing, expense tracking, and integrations with QuickBooks and Stripe — competing with Rho for digital-first small business and freelancer banking relationships.
• North One: North One provides small business banking, payments, and integrations aimed at SMBs and entrepreneurs — overlapping with Rho on the small business banking + integrations offering, particularly for service-based businesses.

Emerging players

• Stripe Treasury: Stripe Treasury is an embeddable banking-as-a-service product offered by Stripe that enables platforms to offer financial accounts to their users — a competitive threat to Rho's API-driven distribution thesis and a potential infrastructure alternative for fintech builders.

Broad incumbents

• American Express Business: American Express Business Credit Cards and Amex Business Checking offer a broad portfolio of corporate cards, expense tools, and banking — a larger incumbent alternative that competes with Rho for business card spend, particularly among established and enterprise customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks1 record

Key highlights7 records

Customer concentration

• Xx.com/rhobusiness
• LinkedInlinkedin.com/company/rhobusiness
• Instagraminstagram.com/rhoplatform
• Facebookfacebook.com/rhobusinessbanking

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds5 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rho