Rapid Finance

American fintech company

Rapid Finance

Formerly| RapidAdvance
Company type| Private
Industry| Financial services
Founded| 2005; 20 years ago (2005)
Headquarters| Bethesda, Maryland, US

Area served

| United States
Products| Small Business Loan, Merchant Cash Advance, Line of Credit, SBA Bridge Loan
Owner| Dan Gilbert

Number of employees

| 254 (2016)[1]
Parent|

* Rockbridge Growth Equity
* Rock Family of Companies

Website| www.rapidfinance.com

Rapid Finance is a financial services company that provides working capital to small and mid-sized businesses in the United States in a variety of industries and categories. It is a sister company to Rocket Mortgage. According to its website as of 2019, it is the 4th largest online small business lender in the United States with over US$1 billion funded.[2]

## History

[edit]

The company was founded in 2005 as RapidAdvance[3] and headquartered in Bethesda, Maryland. It was acquired by Dan Gilbert's Rockbridge Growth Equity, LLC in 2013.[4] It is part of Rock Family of Companies that include the Cleveland Cavaliers, Fathead, Rocket Mortgage and Genius.[5] The company went through a rebrand in 2019, changing its name to Rapid Finance.[6]

In 2023, the company laid off 51 employees in its Detroit, Michigan facility.[7]

## References

[edit]

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. ^ Fischer, Nick (2019-02-07). "RapidAdvance Rebrands to Rapid Finance". Rapid Finance. Retrieved 2023-04-13.
4. ^ Giusti, Michael (January 2014). Wall Street Evaluates Merchant Cash Advance. DailyFunder. Retrieved on September 06, 2015.
5. ^ "Partner Companies | Rocket Mortgage". www.rocketcompanies.com/. Retrieved 2019-07-03.
6. ^ "Announcing RapidAdvance Rebrands to Rapid Finance". NEFA. Retrieved 2023-04-13.
7. ^ "WARN Notices". milmi.org. Retrieved 2023-04-13.

## External links

[edit]

* Official website