Rapid Finance Expands Availability of Rapid Access Prepaid Mastercard® to All Business Line of Credit Clients

Rapid Access Card program enables flexible fund access for small businesses

BETHESDA, Md.--(BUSINESS WIRE)-- Rapid Finance, a leading small business financing platform helping small businesses find customized solutions, announced today that following a successful pilot launch in April 2024, its Rapid Access Card is now available to all eligible Line of Credit (LOC) clients.

The Rapid Access Card, a collaboration between Rapid Finance and Galileo Financial Technologies, a leading financial technology company owned by SoFi Technologies, Inc. (NASDAQ: SOFI), provides small business clients quick and flexible access to their Business LOC funds. This innovative card empowers small businesses with greater convenience when accessing their LOC funds, enabling them to maintain operations and seize new growth opportunities. Existing and new Rapid Finance LOC clients who meet the eligibility requirements may qualify for the Rapid Access Card.

The Rapid Access Card can be used for purchases wherever Mastercard is accepted, and cardholders will fund the card with a draw from their LOC account. Eligible new clients will automatically receive their card within 5-7 business days of opening their LOC, and clients with business lines of credit funded prior to Oct. 25, 2024, will have the option to order a card as well.

“Empowering small businesses with flexible, convenient finance solutions is our mission and through our Rapid Access Prepaid Mastercard Program, small business owners are better positioned to grow their business by more effectively managing their cash flow and capitalizing on emerging market opportunities,” said Will Tumulty, CEO of Rapid Finance.

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.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241114275026/en/

Augusta Bauknight

For Rapid Finance

678-781-7214

augusta@williammills.com

Alex Arango

For Rapid Finance

912-429-9942

alex@williammills.com

Source: Rapid Finance

FAQ

When did Rapid Finance launch the Rapid Access Prepaid Mastercard pilot program?

Rapid Finance launched the Rapid Access Prepaid Mastercard pilot program in April 2024.

How is SoFi (SOFI) involved in the Rapid Access Prepaid Mastercard program?

SoFi Technologies (SOFI) is involved through its subsidiary Galileo Financial Technologies, which collaborated on the card program, and SoFi Bank, N.A., which issues the card.

How long does it take for new clients to receive their Rapid Access Prepaid Mastercard?

New eligible clients will receive their Rapid Access Prepaid Mastercard within 5-7 business days of opening their Line of Credit.