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.
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.
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