Member Exclusive, New banks

Rho launches Rho AP to help its SMB customers streamline invoices and payments

  • Rho Technologies recently unveiled Rho AP to help its clients manage their accounts payable.
  • The new solution allows business users to upload, code and submit invoices for same-day approval and payment.

Email a Friend

Rho launches Rho AP to help its SMB customers streamline invoices and payments

Last week, Rho debuted its accounts payable commercial banking product, Rho AP. Rho AP is an extension of Rho’s core banking platform that allows companies to run their accounts payable processes while cutting costs and speeding up payments to vendors.

The New York-based fintech that provides financial services for startups and high growth businesses also raised $15 million in its Series A funding round with participation from Torch Capital and Inspired Capital. The proceeds will be directed to further expanding Rho AP.

“At Rho, we are dedicated to empowering the teams that run today’s growing companies,” said Everett Cook, the co-founder of Rho Technologies. “We’ve developed the modern commercial banking platform built around the way companies operate today: distributed team-oriented, transparent and built for scale. Rho AP is the next step on our mission to help teams work better together with money.” 

Rho AP’s account’s payable automation streamlines the process of uploading invoices, getting approval, coding and providing payments. Payments are sent out the same day once approvals are received. The AP product removes the need for third party plugins for clients. 

“We saw the pain customers experienced when using third-party solutions firsthand. Our own customers struggled to track payments sent by third-party AP solutions and complained about delays these platforms were causing them,” said Cook. “For us it was a natural next step in making Rho the comprehensive solution to bring teams together around finance. We were also shocked at how much some of our clients were paying for these solutions, given how unhappy they were with them.”


In addition to the use of third-party integrations for accounts payable procedures, many businesses have opted for manual operations for generations. However, stay-at-home orders and remote work as a result of the pandemic have highlighted the need to digitize and automate the accounts payable function, which otherwise involves opening up mail, scanning invoices, seeking approvals and processing checks. Analog procedures have proven to be both inefficient and costly in the long run. According to a Business Insider report, AP automation can help businesses cut costs by 81 percent and improve efficiency by 73 percent. 

“We have seen a surge in demand in AP even in markets where adoption has been slow until now,” said Daniel Saraste, the senior vice president of strategy and Innovation at cloud-based source-to-pay vendor Medius. “For many organizations, taking the leap from manual to automated has been priority number 3 on the list of projects. Last year we were being approached by companies saying ‘I have 800 paper invoices in my desk and my whole team is working remotely -- Help!’ The urgency is very real and fortunately we have adapted our processes so that we can onboard customers 100 percent remotely.”

Another issue that plagues businesses is that many AP software providers make profits by holding onto funding for long periods of time, deliberately delaying client funds before sending them out, according to Rho's Cook. He said that in 2019, almost a third of the largest AP software company’s profits were linked to interest from client fund delays. 

Rho AP’s additional features include its storage of invoice and payment details for record keeping and auditing purposes. It also synchs customer and vendor data directly to the client’s accounting platform. Rho AP’s clients, including Caraway, Burrow and Hydrant, also have access to Rho’s embedded money transfer services, which include free domestic and international wires or its FX payments in 36 currencies, for which Rho charges 0.5 percent. 

As of December 2020, Rho Business Banking has handled over $2 billion in annualized transaction volume for its clients. Rho was launched to provide finance software and commercial grade banking solutions to small and medium sized startups ignored by larger banks.

Rho partners with Evolve Bank and Trust for its banking products.

0 comments on “Rho launches Rho AP to help its SMB customers streamline invoices and payments”

New banks

‘Fintechs need to do a better job of talking about how we’re at the forefront of trust and security’: 5 questions with MoneyLion’s CEO Dee Choubey

  • MoneyLion's revenue increased 34% to $93.7 million in Q1 2023 from $70 million in Q1 2022.
  • Tearsheet spoke with MoneyLion's Dee Choubey about the increased revenue for the quarter, the advancing role of AI in banking, and how the banking crisis is affecting fintechs.
Sara Khairi | May 18, 2023
New banks

5 questions with Stash CEO Liza Landsman

  • Stash continues to grow, expanding its B2C offering while it expands into working via a B2B model.
  • We recently caught up with new CEO Liza Landsman about her new role and where the firm is headed.
Zachary Miller | May 04, 2023
New banks

Quick Take: MoneyLion partners with Column Tax – but how does the partnership align with the former’s product suite?

  • In order to provide convenient tax filing experience to its customers, MoneyLion has partnered with Column Tax. So how is this partnership in line with its product suite?
  • MoneyLion shareholders have had a rough ride lately as the firm’s share price tumbled 80% last year and 18% in February this year -- can the company gain ground in the long term on the strength of its underlying businesses?
Sara Khairi | March 16, 2023
New banks

Gamifying financial literacy is tough. Can Greenlight’s Level Up get it right?

  • Financial literacy games can be gimmicky and may fail to find the balance between “game” and “education”.
  • Level Up by Greenlight focuses on gamification in a manner that's sticky, but for the right purposes.
Rabab Ahsan | February 17, 2023
New banks

Rebundling banking services: Are fintechs trying to be more like banks?

  • Why are fintechs that have grown to a certain size continuing to pursue a banking license?
  • Luis Trujillo, CCO at Alviere sheds light on whether acquiring a license guarantees a successful banking business model for fintechs and if it constitutes a threat to banks.
Sara Khairi | January 09, 2023
More Articles