Rapid Finance
 | |
| 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 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
[edit]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
[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.
- ^ 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.
- ^ "WARN Notices". milmi.org. Retrieved 2023-04-13.