Rho

Rho is clearly built for companies that already have some financial infrastructure in place.

The platform makes the most sense for venture-backed startups with controllers or finance teams, companies that process large volumes of vendor invoices, or organizations managing large treasury balances.

But if you’re a founder running a lean business, this isn't the best business bank for you.

Rho is an online business bank with standard checking and savings accounts.

Companies can create multiple accounts to organize funds for different purposes like payroll, taxes, or operating expenses to help finance teams stay organized as the company grows.

Rho offers a treasury product that helps companies earn interest on idle cash. Rho lets you set up auto-transfers that move excess cash from checking into higher-yield treasury accounts. There's a catch though: you can't access Treasury unless your balance is around $350,000.

For venture-backed startups that might not be a big deal. But for a lot of smaller businesses, that is quite a lot of money.

Rho's bill pay system is one of the better features for finance teams.

Invoices can be forwarded to a dedicated inbox where Rho automatically scans the invoice and creates a draft bill. From there the invoice can move through internal approval workflows before payment is made.

Rho also maintains vendor profiles and payment methods, which helps companies paying the same contractors or suppliers repeatedly. Rho even helps streamline W-9 collection and 1099 filing, which can remove a lot of manual work for teams with large contractor networks.

Rho offers corporate cards that plug directly into its financial workflows, allowing companies to issue cards to employees and monitor spending. Expenses can be categorized by team, department, or project, which is designed to help finance teams keep spending organized as the company grows.

Rho includes built-in expense management tied to those cards, so transactions flow directly into the system without needing a separate tool.

That said, this is another area where Rho feels a bit underwhelming. The tools work, but you’re just not getting the fully fleshed-out experience you would with dedicated expense management tools. Compared to tools like Ramp, the automation, controls, and overall experience just aren't on the same level. So while Rho's expense management may be convenient for some, we'd still recommend a dedicated tool for this.

Rho does allow basic automatic transfers between accounts, but the functionality is limited compared to Mercury bank and even Relay.

For example, you can create rules like transferring a fixed amount each month to another account. But you can't set up an automation like "every time revenue lands in my account, separate 20% for taxes. 20% for payroll, etc".

Like a lot of business banking options, Rho also includes built-in invoicing so companies can send invoices directly through the platform.

Rho integrates with accounting, HR, and even travel platforms (Naven, Quickbooks Online, Xero, Workday, Gusto).

Rho offers free domestic and international wire transfers to USD accounts.

Something that's actually pretty telling about Rho is its built-in SAFE note generator. It immediately shows who the product is designed for.

SAFE agreements are simple legal docs used when early investors fund a company before a priced round. By baking this directly into the banking platform, Rho is clearly leaning toward venture-backed startups that are actively raising.

One thing we do have to give Rho credit for is customer support. Most fintech banking options lean heavily on chat or email and avoid phone support entirely. Rho actually provides phone and text support, which is surprisingly rare in this category.

If you're running a finance team and moving serious money around, having someone you can actually call if something goes wrong could make a big difference.