Under Technologies, Inc., (doing business asRho Technologies) is a financial technology company based in New York City. The company provides business banking and financial software for early-stage startups, mid-sized businesses companies, and accounting firms. Its platform includes corporate credit cards, accounts payable automation, accounting automation tools, and FDIC-insured deposit accounts through partnerships with banks. Rho has raised over $200 million in funding from investors including DFJ Growth, Dragoneer Investment Group, and M13 Ventures.
History
Rho was founded in 2018 by Everett Cook and Alex Wheldon. The company launched its initial banking services in 2019 and expanded to include corporate cards and treasury tools shortly after. In January 2021, Rho raised a $15 million Series A funding round led by M13 Ventures, with participation from Inspired Capital and Torch Capital. In December 2021, the company raised $75 million in Series B financing led by Dragoneer Investment Group and DFJ Growth. In 2023, Rho secured $100 million in financing from Community Investment Management to expand its lending and banking operations.
The company reportedly gained a significant number of new customers and deposits in the wake of the March 2023 Silicon Valley Bank failure. In 2024, Rho became the first member of the Coalition for Financial Ecosystem Standards (CFES). A coalition of fintech companies aimed to establish industry standards for customer protection and compliance in the Banking-as-a-Service (BaaS) ecosystem, later joined by Stripe, Block, Mercury, and other fintechs.
Products and Services
Rho is not a bank, but works with federally insured institutions to provide business bank accounts and other financial services. Rho offers FDIC-insured deposit accounts through its agreement with Webster Bank, N.A., which completed its merger with Sterling Bancorp in 2022. In addition to banking, Rho offers corporate credit cards with expense tracking capabilities and automated spend controls. The company has also developed an accounts payable solution to assist with invoice processing and vendor payments.
Rho has formed partnerships with companies including Mastercard, to support its corporate credit offerings, and Navan (formerly TripActions), to integrate travel and expense services into its platform.
