Sterling National Bank, the wholly-owned operating bank subsidiary of Sterling Bancorp (NYSE: STL), today announced a Banking as a Service (BaaS) agreement with Rho Technologies, the fintech company behind Rho Business Banking.
Rho Technologies is a digital platform that provides companies with a suite of commercial banking and financial software solutions. Sterling will provide Rho with a holistic package of wholesale banking solutions to support their rapid expansion and accelerate customer growth. This collaboration is a multi-service partnership that combines Sterling’s product, operational and regulatory expertise with Rho’s sophisticated technology and product capabilities.
This collaboration marks the latest in a series of strategic partnerships and digital technology investments for Sterling — designed to create customized products and solutions for a diverse set of financial and financial technology companies. With more than $30 billion in assets, Sterling consistently delivers exceptional relationship-driven products and services to consumer, small business, and commercial clients.
“We are excited to partner with Rho. Their innovative digital banking platform provides businesses with access to the banking, budgeting and payments products they need to succeed,” said Matthew Smith, Executive Managing Director; Direct Banking and Banking as a Service. “Our agreement with Rho is an important step in broadening our portfolio of Banking as a Service arrangements with leading technology companies and accelerating our organization-wide digital transformation to offer customer-centric, digitally-enabled solutions to the marketplace.”
“Rho is thrilled to collaborate with Sterling National Bank. We spent a lot of time seeking a partner that had the capabilities and scale that our current and future customers need,” said Everett Cook, CEO at Rho Technologies. “We look forward to working with Sterling in supporting our future product and service offerings.”