Rapid Finance

Rapid Finance
FormerlyRapidAdvance
TypePrivate
IndustryFinancial services
Founded2005; 21 years ago (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

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

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

  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.

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