Rapid Finance

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]

Rapid Finance
FormerlyRapidAdvance
TypePrivate
IndustryFinancial services
Founded2005 (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

History

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
  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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