Rapid Finance
American fintech company
From Wikipedia, the free encyclopedia
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]
 | |
| 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 |
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]