Rapid Finance, which claims to be a market leader in helping small businesses find sustainable and customized financing solutions through a fast and simple application process, announced its acquisition of digital lending platform provider, Thrive, at American Banker’s Small Business Banking conference.
As part of Rapid Finance’s recent corporate rebrand and restructuring, the Thrive acquisition represents “a significant addition to the company’s new Rapid Finance Technology business unit.”
Thrive’s true, end-to-end digital lending platform “enables banks, non-bank lenders and credit unions to realize meaningful operational efficiencies through a streamlined origination process and more efficient underwriting for both consumer and SMB lending.”
Kunal Sehgal, co-founder and CEO of Thrive, said:
“Since its inception, Thrive was purpose built to address the need for more efficient lending through intelligent automation of application, origination, underwriting, decisioning and servicing. By becoming part of an established industry leader like Rapid Finance, we are well positioned to build on that foundation and accelerate our growth.”
Will Tumulty, CEO of Rapid Finance, remarked:
“We are excited to bring Thrive into the Rapid Finance suite of solutions to support the growing market need for fast, simple and trusted loan options. This acquisition is a natural fit and in line with our team’s thoughtful approach to modernizing business finance and generating value for our clients and their business.”
As mentioned in the announcement, Rapid Finance claims it “has a proven track record of helping small businesses (and those who support them) succeed and since 2005, has been offering fast, simple, and trusted financing options that provide small businesses with access to capital when they need it most.”
Using a thoughtful combination of technology, speed and deep industry expertise, Rapid Finance has “helped millions of small business clients find financing plans that meet their unique business needs.”
