Company:Rapid Finance
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| Formerly | RapidAdvance |
|---|---|
| Type | Private |
| Industry | Financial services |
| Founded | 2005 |
| Headquarters | Bethesda, Maryland, United States |
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 |
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
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
- ↑ "Michigan's Top Small Workplaces: No. 1, RapidAdvance". Nov 19, 2016. https://www.freep.com/story/money/business/top-workplaces/2016/11/19/rapidadvance-employees-staff-motivation/93929592/.
- ↑ "Rapid Finance" (in en-US). https://www.rapidfinance.com/.
- ↑ Stone, Todd. "Why RapidAdvance Is Now Rapid Finance" (in en-US). https://debanked.com/2019/02/why-rapidadvance-is-now-rapid-finance/.
- ↑ Fischer, Nick (2019-02-07). "RapidAdvance Rebrands to Rapid Finance" (in en-US). https://www.rapidfinance.com/blog/announcing-rapidadvance-rebrands-to-rapid-finance/.
- ↑ Giusti, Michael (January 2014). Wall Street Evaluates Merchant Cash Advance. DailyFunder. Retrieved on September 06, 2015.
- ↑ "Partner Companies | Rocket Mortgage" (in en). https://www.rocketcompanies.com/our-companies/.
- ↑ "Announcing RapidAdvance Rebrands to Rapid Finance" (in en-US). https://www.nefassociation.org/news/announcing-rapidadvance-rebrands-to-rapid-finance/.
- ↑ Stone, Todd. "Why RapidAdvance Is Now Rapid Finance" (in en-US). https://debanked.com/2019/02/why-rapidadvance-is-now-rapid-finance/.
- ↑ "Top Workplaces". Washington Post. https://www.washingtonpost.com/graphics/2016/business/top-workplaces/.
- ↑ "Best Small Business Loan Providers of 2019" (in en-us). https://www.consumersadvocate.org/small-business-loans.
- ↑ "WARN Notices". https://milmi.org/warn/.
External links
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