Rho, a NYC-based corporate spend and cash management company, raised $75m in Series B funding.
The round was led by Dragoneer Investment Group with participation from new investors including DFJ Growth, and existing investors including M13, Inspired Capital and Torch Capital.
The company intends to use the funds to continue investing in innovation, with a focus on simplifying finance operations for organizations.
Founded in 2018 by former hedge fund investor Everett Cook and British-Canadian serial entrepreneur Alex Wheldon, Rho is a finance platform enabling business teams to work together. The company partners with various providers, including banks, to provide businesses with holistic financial services under the Rho brand. Banking services under the Rho brand currently are provided by Evolve Bank and Trust, Member FDIC and Sterling National Bank, Member FDIC. Card services under the Rho brand issued by Sterling National Bank, Member FDIC.
Rho has also hired Sebastjan Trepca as its new Chief Technology Officer to lead the company’s engineering expansion. Prior to joining Rho, Trepca co-founded London-based fashion shopping app Lyst, which counts over 100M users/year and has raised over $144M to date. At Lyst, he served as CTO, and built the initial product and data services that helped grow the organization into one of London’s leading technology companies.
Rho has a headcount of over 80 people and has raised $205M of equity and debt financing to date from institutional investors, including Dragoneer, DFJ Growth, M13, Inspired Capital, Torch Capital, ConsenSys, and Community Investment Management.