 | |
| 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 |
|
| 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". 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.
External links
|
| |
| 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 |
|
| 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". 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.