Rivo Raises $3.1M and Comes Out of Beta

Today, we are announcing that Rivo has raised $3.1 million in total funding, including a $2.7 million seed round, with backing from South Park Commons, Wisdom Ventures, Script Capital, 645 Ventures, 20VC, and Jag Duggal, former Chief Product Officer at Nubank, who joins as an angel investor and advisor. This Week in Fintech covered the full story here.

With today's launch, Rivo is open to the public. If you have idle cash sitting in your bank account earning close to nothing, you can start earning more without switching banks. Get started here.

The Problem We Can't Stop Thinking About

U.S. households and nonprofits held about $5.9 trillion in checkable deposits and currency at the end of Q1 2026, according to Federal Reserve data. Most of that cash sits in checking accounts earning close to 0.07%* while the banks holding those deposits earn at least the prevailing federal interest rate (e.g., 3.6%** or higher in the current environment). Bank of America's consumer bank alone held about $945 billion in deposits late in 2025, and CEO Brian Moynihan described that deposit base as what drives the profitability in this company.

We call this the Inertia Tax: the gap between what you earn on your idle cash and what your bank earns on it.

The cost of that inertia is becoming harder to ignore. In April 2026, a federal court approved a $425 million settlement against Capital One over a savings product that quietly paid loyal customers far less than newer ones, with payouts beginning this summer.

This is not a problem of awareness. Most people know they should be doing something with their idle cash. The problem is that every existing solution still asks them to do the work: open a new account, move their money manually, or manage another investment account. We believe earning more on your money shouldn't require changing how you bank.

Rivo solves this by automatically moving idle cash from your existing bank account into short-term U.S. Treasuries and bringing it back before your bills are due. You don’t have to switch to a new bank or transfer money manually. Just more from the cash you already have.

Why We Built This

The idea for Rivo started with a personal experience. A few years ago, I discovered that my wealth advisor had kept $250K sitting at 0% interest for 4 months because I didn’t ask him to move it. The entire time, he earned his commission, but I earned nothing. 

That incident made something clear. Personal finance still depends on someone remembering to act, whether it's you moving money to a better account or an advisor you are paying to do it for you. The system doesn't work on its own. 

We built Rivo so that no household has to depend on remembering, or on someone else remembering for them. 

What Our Investors See

As Aditya Agarwal, General Partner at South Park Commons, puts it: "Ambrish and the Rivo team are working on a problem almost every consumer has, and almost no one notices. Rivo stood out because the product does not stop at advice. It moves real money, manages edge cases, and has to earn trust through execution."

Nnamdi Okike, Co-founder and Managing Partner at 645 Ventures, described it this way: "Rivo gives an ordinary household the kind of always-on cash management that used to require a private wealth manager, and it runs automatically."

The Team

Building autonomous cash management is an engineering challenge as much as a financial one. The system has to make the right decision every time under constantly changing conditions. Pay cycles shift, bills land early, shared accounts run low, unexpected charges show up. The system has to know when to move money, when to bring it back, and when to do nothing.

Before starting Rivo, I led AI at Cruise during the launch of its commercial robotaxi service in San Francisco and previously worked on applied AI at Amazon. What made self-driving difficult was never the open road. It was the hard cases: a cyclist swerving or a truck stopping where it shouldn't be. The system only worked once it could handle those situations reliably. Rivo applies that same discipline to household cash.

Vince Maniago, our Head of Product, was formerly Chief Product Officer at Personal Capital (acquired for approximately $1 billion) and a product leader at Mint, where he helped scale the platform to more than 20 million users. Raj Kiran, our CTO, built foundation models previously at Krutrim and Microsoft. Shruti Sharma, our Head of Risk and Compliance, has prior experience at Capital One, JPMorgan Chase, and LinkedIn.

What Comes Next

Our focus for the months ahead is simple: earn the trust of every household that connects their account to Rivo. This funding allows us to continue investing in AI, engineering, compliance, and customer experience needed to make autonomous cash management reliable at scale. We will do that by getting every financial decision right, every single day, quietly and automatically.

We believe managing your cash should eventually become as automatic as spam filtering or GPS navigation. You shouldn't have to think about it for it to work.

That's the future we are building.

If you have idle cash sitting in your bank account, we'd love for you to try Rivo.