Thursday, May 13, 2021
Today, Rho Technologies released its Rho Card, a Mastercard corporate credit card with highly flexible terms. Holders of Rho’s new card can choose to maximize their cashback up to 1.75%, extend repayment terms, or pursue some combination of the two, and they can alter these terms up to four times a year to adapt to changing business needs. We spoke with Alex Wheldon, Co-Founder and Chief Product Officer at Rho, for more about the company and its new corporate credit card.
Since its founding some three years ago, Rho has raised $120 million in venture capital funding. Mr. Wheldon claims that the company is filling an unmet need in the market and that while “fintechs 1.0” cluttered and complicated business, Rho offers a single solution to meet all of a corporation’s needs. Mr. Wheldon notes that Rho is “segment agnostic,” but feels its services best serve companies with annual revenue in the range of $5 million to $1 billion.
The Rho card is a suite product that offers a centralized dashboard, digital receipt uploads, and built-in spend limits and category restrictions. Customers can authorize an unlimited number of both virtual and physical cards, on which they can place individual spend limits. The Rho card is seeking to replace existing corporate credit card programs, and it appears well positioned to do so.
For more on this, see Rho’s press release:
“With the Rho Card, clients gain full access to an unparalleled business banking platform; equipped with a full suite of tools, including access to no-fee business banking, global payments, accounts payable and a world-class capital markets team.
‘Until now, companies have been stuck with corporate cards that put them in a rigid box, confined to a single set of terms. Businesses are cyclical. As business owners ourselves, we built this first-of- its-kind card we always wanted, that supports the evolving needs of modern businesses as they grow,’ says Alex Wheldon, Co-Founder and Chief Product Officer at Rho.”
Overview by Laura Handly, Research Analyst at Mercator Advisory Group