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Rapid Finance

From Wikipedia - Reading time: 3 min
Rapid Finance
FormerlyRapidAdvance
Company typePrivate
IndustryFinancial services
Founded2005; 19 years ago (2005)
HeadquartersBethesda, Maryland, US
Area served
United States
ProductsSmall Business Loan, Merchant Cash Advance, Line of Credit, SBA Bridge Loan
OwnerDan Gilbert
Number of employees
254 (2016)[1]
Parent
  • Rockbridge Growth Equity
  • Rock Family of Companies
Websitewww.rapidfinance.com

Rapid Finance is a technology-powered financial services company that provides working capital to small and mid-sized businesses in the United States. As a sister company of Rocket Mortgage, it offers small and medium business loan programs for business owners in a variety of industries and categories. With over US$1 billion funded, it is the 4th largest online small business lender in the United States.[2] The company claims that no single business category accounts for more than 25% of its revenues.[3]

History

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The company was founded in 2005 as RapidAdvance[4] and headquartered in Bethesda, Maryland. It was acquired by Dan Gilbert's Rockbridge Growth Equity, LLC in 2013.[5] It is part of Rock Family of Companies that include the Cleveland Cavaliers, Fathead, Rocket Mortgage and Genius.[6] The company went through a rebrand in 2019, changing its name to Rapid Finance[7] following its expansion and diversification of loan products.[8]

A publication from The Washington Post found Rapid Finance to be among the best in the Washington D.C. area from 2016 to 2019.[9] The Detroit Free Press also found Rapid Finance to hold the #1 ranking for Michigan's Top Small Workplaces in 2016. Consumers Advocate ranked Rapid Finance as the third best small business loan provider.[10]

In 2023, the company laid off 51 employees in its Detroit, Michigan facility.[11]

References

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  1. ^ "Michigan's Top Small Workplaces: No. 1, RapidAdvance". Detroit Free Press. Nov 19, 2016. Retrieved 2019-12-01.
  2. ^ "Rapid Finance". Rapid Finance. Retrieved 2019-07-03.
  3. ^ Stone, Todd. "Why RapidAdvance Is Now Rapid Finance". deBanked. Retrieved 2019-07-03.
  4. ^ Fischer, Nick (2019-02-07). "RapidAdvance Rebrands to Rapid Finance". Rapid Finance. Retrieved 2023-04-13.
  5. ^ Giusti, Michael (January 2014). Wall Street Evaluates Merchant Cash Advance. DailyFunder. Retrieved on September 06, 2015.
  6. ^ "Partner Companies | Rocket Mortgage". www.rocketcompanies.com/. Retrieved 2019-07-03.
  7. ^ "Announcing RapidAdvance Rebrands to Rapid Finance". NEFA. Retrieved 2023-04-13.
  8. ^ Stone, Todd. "Why RapidAdvance Is Now Rapid Finance". deBanked. Retrieved 2019-07-03.
  9. ^ "Top Workplaces". Washington Post.
  10. ^ "Best Small Business Loan Providers of 2019". www.consumersadvocate.org. Retrieved 2019-07-03.
  11. ^ "WARN Notices". milmi.org. Retrieved 2023-04-13.
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Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/Rapid_Finance
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