In today’s top news in digital-first banking, Treasury Prime closed on a $20 million Series B insider funding round, while Rho Technologies is launching the Rho Card. Plus, U.S. Bank has joined with Plaid in an open finance partnership.
Treasury Prime, the Banking-as-a-Service (BaaS) upstart, wrapped up a $20 million Series B insider funding round that it will harness to gain momentum in go-to-market efforts and to grow its sales, marketing and engineering workforces. QED Investors and Deciens Capital co-led the funding round, which saw participation from Susa Ventures and SaaStr Fund. “We’re seeing an explosion of new FinTech companies with brilliant ideas about bringing banking services to underserved consumer and commercial users,” Treasury Prime Co-founder and CEO Chris Dean said in a press release.
Rho Technologies, the financial technology firm, announced that it is rolling out the Rho Card. Rho said it is the first bank-issued corporate card that enables firms to control cash back, credit terms, spend control and policies “all on their own terms.” In addition, companies using the card will have access to dashboards displaying company-wide usage information. Rho has landed $120 million in debt and equity financing. “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,” Rho Co-founder and Chief Product Officer Alex Wheldon said.
U.S. Bank, the fifth-biggest bank in the country, has joined with the FinTech Plaid in an open finance collaboration. The firms said that they connected their respective technologies “in record time.” Gareth Gaston, executive vice president and chief digital officer for platforms and capabilities at U.S. Bank, said in an announcement that “what we did together with Plaid is a huge step forward in open finance, especially for our shared customers.”