Rapid Finance Taps SoFi, Galileo to Enable Rapid Access Mastercard for Small Business Financing
16 Abril 2024 - 9:00AM
Business Wire
Prepaid card program provides SMBs instant fund
access
Rapid Finance, a small business banking platform helping small
businesses find customized financing solutions, in collaboration
with Galileo Financial Technologies, a leading financial technology
company owned by SoFi Technologies, Inc. (NASDAQ: SOFI), today
announced the launch of the Rapid Access Mastercard. Rapid
Finance’s Mastercard program is the first program sponsored by SoFi
Bank, and managed by Galileo, giving eligible small business (SMB)
customers quick and flexible access to their funds when they need
it most.
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the full release here:
https://www.businesswire.com/news/home/20240416034896/en/
Small businesses serve as the backbone of the U.S. economy but
finding avenues for reliable capital is often an obstacle to
success. In fact, 77% of SMBs are concerned about their access to
capital. The introduction of the Rapid Access prepaid commercial
card addresses this issue by providing SMBs with a flexible payment
option. Through this card program, Rapid Finance’s SMB customers
with a LOC in good standing can seamlessly and instantly access
their funds to maintain their operations and pursue growth
opportunities.
In addition to providing fast and flexible access to capital,
SMBs also have full control of how much they draw from their LOC,
ensuring they only access the funds they need when they need them.
This flexibility empowers businesses to efficiently manage their
finances while minimizing unnecessary expenses.
Rapid Access card holders also benefit from 24/7 instant access
to funds. This provides SMB owners access to working capital
anytime and anywhere, seizing growth opportunities on-demand, even
outside traditional banking hours.
“This card program underscores Rapid Finance’s commitment to
empowering businesses with flexible and accessible financial
solutions,” said Will Tumulty, CEO of Rapid Finance. “With the
Rapid Access Mastercard, small business owners can better seize
market opportunities, manage their cash flow and support their
business growth in a way that is more convenient for them.”
“This collaboration underscores Galileo’s commitment to helping
small businesses do more with their money, faster,” said Derek
White, CEO at Galileo. “We look forward to working together
alongside SoFi Bank to help Rapid Finance quickly develop and scale
this flexible payment program to support SMBs’ ability to gain
swift, easy access to the funds they need to be successful.”
About Rapid Finance
Since 2005, Rapid Finance has been supporting the growth and
success of small businesses across the U.S. Powered by a thoughtful
combination of technology, speed and deep industry expertise, the
Rapid Enterprise business line provides Lending-as-a-Service
solutions to enterprise clients. With modular, flexible and
scalable financial solutions, Rapid Enterprise’s solutions are
customized to our enterprise partners’ needs. Learn more at
www.rapidfinance.com.
About Galileo Financial Technologies
Galileo Financial Technologies, LLC and certain of its
affiliates collectively comprise a financial technology company
owned and operated independently by SoFi Technologies, Inc.
(NASDAQ: SOFI) that enables fintechs, financial institutions, and
emerging and established brands to build differentiated financial
solutions that deliver exceptional, customer-centric experiences.
Through modern, open APIs, Galileo’s flexible, secure, scalable and
fully integrated platform drives innovation across payments and
financial services. Trusted by digital banking heavyweights,
early-stage innovators and enterprise clients alike, Galileo
supports issuing physical and virtual payment cards, mobile push
provisioning, tailored and differentiated financial products and
more, across industries and geographies.
©2024 Galileo Financial Technologies, LLC. All rights
reserved.
Galileo Financial Technologies, LLC is a technology company, not
a bank. Galileo partners with many issuing banks to provide banking
services in North and South America.
The Rapid Finance Prepaid Mastercard is issued by SoFi Bank,
N.A., pursuant to a license by Mastercard. The Rapid Finance Line
of Credit is not a SoFi Bank product or service. All loans are
funded and originated by Rapid Finance and are not affiliated with
SoFi Bank.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240416034896/en/
Augusta Bauknight For Rapid Finance 678-781-7214
augusta@williammills.com
Alex Arango For Rapid Finance 912-429-9942
alex@williammills.com
Katie Boyless For Galileo 404-791-8245
katie@fletchergroupllc.com
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