Rapid Finance is a technology-powered

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

company that provides

working capital Working capital (WC) is a financial metric which represents operating liquidity available to a business, organisation, or other entity, including governmental entities. Along with fixed assets such as plant and equipment, working capital is consi ...

to small and mid-sized businesses in the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

. 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. The company claims that no single business category accounts for more than 25% of its revenues.

History

The company was founded in 2005 as RapidAdvance and headquartered in

Bethesda, Maryland Bethesda () is an unincorporated, census-designated place in southern Montgomery County, Maryland. It is located just northwest of Washington, D.C. It takes its name from a local church, the Bethesda Meeting House (1820, rebuilt 1849), which in ...

. It was acquired by Dan Gilbert's Rockbridge Growth Equity, LLC in 2013.Giusti, Michael (January 2014)
Wall Street Evaluates Merchant Cash Advance
'' DailyFunder''. Retrieved on September 06, 2015. It is part of Rock Family of Companies that include the

Cleveland Cavaliers The Cleveland Cavaliers (often referred to as the Cavs) are an American professional basketball team based in Cleveland. The Cavaliers compete in the National Basketball Association (NBA) as a member of the league's Eastern Conference (NBA), Ea ...

, Fathead, Rocket Mortgage and

Genius Genius is a characteristic of original and exceptional insight in the performance of some art or endeavor that surpasses expectations, sets new standards for future works, establishes better methods of operation, or remains outside the capabiliti ...

. The company went through a rebrand in 2019, changing its name to Rapid Finance following its expansion and diversification of loan products. A publication from

The Washington Post ''The Washington Post'' (also known as the ''Post'' and, informally, ''WaPo'') is an American daily newspaper published in Washington, D.C. It is the most widely circulated newspaper within the Washington metropolitan area and has a large nati ...

found Rapid Finance to be among the best in the Washington D.C. area from 2016 to 2019. 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. In 2023, the company laid off 51 employees in its

Detroit, Michigan Detroit ( , ; , ) is the largest city in the U.S. state of Michigan. It is also the largest U.S. city on the United States–Canada border, and the seat of government of Wayne County. The City of Detroit had a population of 639,111 at ...

facility.

References

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External links

''Rapid Finance'' — Official Website
Financial services companies established in 2005 Financial services companies based in Maryland Rock Ventures Loans