Fintech Rho Technologies today announced the roll out of its bank-issued corporate card coupled with its banking-as-a-service offering, which operates as a financial management platform on top of banking services provided by $691 million Evolve Bank and Trust.

While banking as a service has been a growing trend during the past year, banking fintechs have attracted regulatory ire, and banking startup Chime recently agreed to drop using the word “bank” to describe itself following a settlement with California regulators.

“I think it’s important to understand that there’s a distinction between being a regulated FDIC-insured institution versus offering banking services,” Alex Whedon, co-founder of the New York-based Rho, told Bank Automation News.

Although Rho offers a banking-as-a-service platform, it has broadly positioned itself as a cash- and spend-management solution that now also offers credit facilities backed by FDIC-insured institutions. “Fintechs will be largely frustrated with it but, I mean, that’s, that’s probably the point,” Whedon said about the precedent set by the decision in the Chime case.

Rho’s new card, issued by the $30 billion Sterling National Bank, allows users to adjust repayment period and cash-back terms four times a year so businesses can manage their credit terms, company spend controls and policies. This gives commercial clients more flexibility on repayments and provides a data-driven window into their cash management, Whedon said. “Most of it is around the data that we can originate from the client,” he added, noting that Rho takes accounting and platform data into account and uses machine learning models for its underwriting.

The new card also leverages automated fraud detection systems to prevent misuse, offering a degree of flexibility to organizations on how strict they would like to be with those checks. “We have detection systems that automatically detect any type of fraudulent activity that fit our criteria,” Whedon said, adding that Rho can then contextualize those transactions with additional data to safeguard from misuse.

Founded in 2018, Rho Business Banking has raised $120 million in funding over four rounds from investors such as M13 Capital, ConsenSys, Torch Capital and Inspired Capital, according to Crunchbase.