Fintech startup Rho Technologies has rolled out Rho Business Banking, a digital banking solution for small businesses and start-ups.
According to the company, the platform is designed to allow businesses to open an account in three minutes. The service includes up to $10m in FDIC insurance and 1.61% APY on cash management.
Furthermore, it will enable businesses to maintain cash and treasury accounts with no minimum balance requirements.
The extensive API integrations will also enable the businesses to connect with applications such as Quickbooks, Xero and Slack.
Rho Business Banking utilises same-day ACH to enable faster payments as well as charges no transfer or wire fees.
The overall service portfolio will include segmented team accounts, programmable payment cards, multi-user permissions and full-service support.
Rho noted that the banking services are provided by Evolve Bank and Trust, member FDIC and other member FDIC institutions.
Rho Business Banking co-founder Alex Wheldon said: “With Rho, entrepreneurs can streamline their operations, and optimise their cash in order to maximise their runway and minimise the time they spend inside the bank.”
Besides the launch of business banking platform, Rho Technologies also announced a seed funding round, which was led by Inspired Capital.
Inspired Capital partner Mark Batsiyan said: “There’s no doubt that the future of banking is digital, and Rho’s platform has both the game-changing product and experienced founders to disrupt the small business banking market.”