New York’s Rho Business, which wants to create a digital business banking system for early-stage and high-growth startups, has raised a $4.9 million seed round led by Inspired Capital.
In simple words, Rho wants to work as basic operational banking infrastructure for startups.
Founded by Everett Cook and Alex Wheldon, Rho wants to help startups “be up and running quickly […] and not worry about the act of banking.”
Of course, there’s a $2.6 billion dollar elephant in the room: Brex, a San Francisco-based startup that is working to create a financing alternative for other startups, which has raised $382.1 million in venture capital.
When I asked Rho about Brex, it said that it doesn’t view the San Francisco startup as a direct competitor, but commended its innovation within the sector.