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, establis...