Rapid Finance joins forces with SoFi's Galileo

According to the official announcement, 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 US economy but 77% of SMBs are concerned about their access to capital. The introduction of the Rapid Access prepaid commercial card aims to address 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 access their funds to maintain their operations and pursue growth opportunities.

Additionally, 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 seeks to empower businesses to efficiently manage their finances while minimising 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. 

Since 2005, Rapid Finance seeks to support the growth and success of small businesses across the US. 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 customised to its enterprise partners’ needs. 

Galileo Financial Technologies by SoFi Technologies enables fintechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver exceptional, customer-centric experiences. Through open APIs, Galileo’s flexible, secure, scalable, and fully integrated platform drives innovation across payments and financial services. Galileo supports issuing physical and virtual payment cards, mobile push provisioning, tailored and differentiated financial products and more, across industries and geographies.