Rogo’s annual recurring revenue triples to over $50M, surpassing Hebbia in financial AI race

Rogo, the AI startup building tools for investment banks and asset managers, has tripled its annual recurring revenue to more than $50 million. That puts it firmly ahead of Hebbia, the other high-profile AI company vying to become the default operating system for finance professionals.

From $2M to $50M in two years

Rogo’s growth trajectory went from roughly $2 million in ARR in 2024 to over $15 million in 2025, then vaulted past $50 million in 2026.

For context, Hebbia reported an ARR of $13 million as of mid-2024. It has since claimed profitability, but the gap in top-line revenue growth between the two companies has widened considerably.

Rogo now counts more than 25,000 daily users across 150 to 250 institutions. The company’s AI agent, named Felix, automates the kind of work that junior bankers have traditionally performed: building financial models, drafting reports, assembling pitch decks.

Two different bets on the same market

Rogo, founded in 2021 or 2022 by Gabriel Stengel, a former Lazard banker, is laser-focused on the transactional side of investment banking. Its tools generate the deliverables that banks produce for clients: models, memos, presentations.

Hebbia, established around 2020 by Stanford PhD student George Sivulka, took a different approach. Its Matrix platform is built around large-scale document analysis, letting users run structured queries across vast troves of financial filings, contracts, and research, with an emphasis on granularity and citation capabilities.

Hebbia has raised approximately $130 million in total funding, reaching a valuation of around $700 million by 2024, with its total raised reaching roughly $161 million. The company is now re-launching its Matrix platform with updates that incorporate features more similar to Rogo’s workflow automation tools.

Rogo’s $2B valuation and what it signals

In April 2026, Rogo closed a $160 million Series D round that valued the company at approximately $2 billion. That’s nearly triple Hebbia’s last known valuation. A $2 billion valuation on $50 million in ARR implies a roughly 40x revenue multiple.

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