Rivo launches cash-management service with a $2.7M seed round
The San Francisco fintech Rivo moves excess checking cash into short-duration U.S. Treasury bills and returns it before bills come due.
By Ryan Merket · Published
Primary source: Business Wire
Why it matters
Rivo is moving consumer fintech from advice into execution. Its opportunity is the yield lost in checking accounts; its risk is getting a household's cash timing wrong.
Rivo launched out of beta on August 4th alongside a $2.7 million seed round, bringing its total funding to $3.1 million. Founder and CEO Ambrish Tyagi is betting that the autonomous-systems methods he used at Cruise can handle a problem banks profit from: households leaving excess cash in low-yield checking accounts.…
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