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]
 | |
| Formerly | RapidAdvance |
|---|---|
| Company type | Private |
| Industry | Financial services |
| Founded | 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 |
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| Website | www |
History
editThe 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
edit- ^ "Michigan's Top Small Workplaces: No. 1, RapidAdvance". Detroit Free Press. Nov 19, 2016. Retrieved 2019-12-01.
- ^ "Rapid Finance". Rapid Finance. Retrieved 2019-07-03.
- ^ Stone, Todd. "Why RapidAdvance Is Now Rapid Finance". deBanked. Retrieved 2019-07-03.
- ^ Fischer, Nick (2019-02-07). "RapidAdvance Rebrands to Rapid Finance". Rapid Finance. Retrieved 2023-04-13.
- ^ Giusti, Michael (January 2014). Wall Street Evaluates Merchant Cash Advance. DailyFunder. Retrieved on September 06, 2015.
- ^ "Partner Companies | Rocket Mortgage". www.rocketcompanies.com/. Retrieved 2019-07-03.
- ^ "Announcing RapidAdvance Rebrands to Rapid Finance". NEFA. Retrieved 2023-04-13.
- ^ Stone, Todd. "Why RapidAdvance Is Now Rapid Finance". deBanked. Retrieved 2019-07-03.
- ^ "Top Workplaces". Washington Post.
- ^ "Best Small Business Loan Providers of 2019". www.consumersadvocate.org. Retrieved 2019-07-03.
- ^ "WARN Notices". milmi.org. Retrieved 2023-04-13.