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RAPID FINANCE TAPS SOFI AND GALILEO TO ENABLE SMALL BUSINESS FINANCING

Rapid Finance Taps SoFi and Galileo to Enable Small Business Financing

April 16, 2024

BETHESDA, MD AND SALT LAKE CITY, UT, Apr. 16, 2024 – 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. 

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.

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.

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