Everett Cook and Alex Wheldon launched Rho Business Banking in October last year dubbing it a “modern commercial banking platform” rather than a challenger bank; Rho is not a technology provider but offers FDIC-insured deposits and loans through a network of bank partners; one of the unique ways that Rho works is that they have a hybrid approach combining advanced technology and personal relationship management; every business that signs up is assigned a relationship manager; also they are not doing their own lending, instead they have lending partners where they refer their customers to the best lender for their situation; the founders believe in the partnership banking model with Everett Cook saying, “Part of the reason we started this company was because we recognized that the power of this structure is that it allows banks to focus on what they’re good at — like managing the balance sheet — and allows companies like us to focus on what we are like exceptional at — building great technology and delivering great value to our customers and excellent service.” The Financial Brand.
