Rapid Finance Expands Availability of Rapid Access Prepaid Mastercard® to All Business Line of Credit Clients
Rapid Finance announced the expansion of its Rapid Access Prepaid Mastercard® to all eligible Line of Credit (LOC) clients following a successful pilot launch in April 2024. The card, developed in collaboration with Galileo Financial Technologies, a SoFi Technologies (NASDAQ: SOFI) subsidiary, provides quick access to Business LOC funds and can be used wherever Mastercard is accepted.
New eligible clients will receive their cards within 5-7 business days of opening their LOC, while existing clients with credit lines funded before Oct. 25, 2024, can order the card. The program aims to help small businesses better manage cash flow and capitalize on growth opportunities.
Rapid Finance ha annunciato l'espansione della sua Rapid Access Prepaid Mastercard® a tutti i clienti idonei della Line of Credit (LOC) dopo il successo del lancio pilota avvenuto ad aprile 2024. La carta, sviluppata in collaborazione con Galileo Financial Technologies, una sussidiaria di SoFi Technologies (NASDAQ: SOFI), offre un accesso rapido ai fondi del Business LOC e può essere utilizzata ovunque venga accettato Mastercard.
I nuovi clienti idonei riceveranno le loro carte entro 5-7 giorni lavorativi dall'apertura della loro LOC, mentre i clienti esistenti con linee di credito attivate prima del 25 ottobre 2024, possono ordinare la carta. Il programma mira ad aiutare le piccole imprese a gestire meglio il flusso di cassa e a cogliere le opportunità di crescita.
Rapid Finance anunció la expansión de su Rapid Access Prepaid Mastercard® para todos los clientes elegibles de Línea de Crédito (LOC) tras un exitoso lanzamiento piloto en abril de 2024. La tarjeta, desarrollada en colaboración con Galileo Financial Technologies, una subsidiaria de SoFi Technologies (NASDAQ: SOFI), proporciona acceso rápido a los fondos de LOC para negocios y puede utilizarse donde sea aceptada Mastercard.
Los nuevos clientes elegibles recibirán sus tarjetas dentro de 5-7 días hábiles tras abrir su LOC, mientras que los clientes existentes con líneas de crédito financiadas antes del 25 de octubre de 2024, pueden solicitar la tarjeta. El programa tiene como objetivo ayudar a las pequeñas empresas a gestionar mejor su flujo de efectivo y aprovechar las oportunidades de crecimiento.
Rapid Finance는 2024년 4월에 성공적인 파일럿 런칭을 마친 후 모든 자격 있는 신용 한도(LOC) 고객에게 Rapid Access Prepaid Mastercard®의 확장을 발표했습니다. Galileo Financial Technologies와 협력하여 개발된 이 카드는 비즈니스 LOC 자금에 신속하게 접근할 수 있도록 하며, Mastercard가 승인된 모든 곳에서 사용할 수 있습니다.
새로운 자격 고객은 LOC 개설 후 5-7 영업일 이내에 카드를 받게 되며, 2024년 10월 25일 이전에 자금이 지원된 신용 한도를 가진 기존 고객은 카드를 주문할 수 있습니다. 이 프로그램은 중소기업이 현금 흐름을 더 잘 관리하고 성장 기회를 활용하는 데 도움을 주는 것을 목표로 합니다.
Rapid Finance a annoncé l'expansion de sa Rapid Access Prepaid Mastercard® à tous les clients éligibles de la Ligne de Crédit (LOC) suite à un lancement pilote réussi en avril 2024. La carte, développée en collaboration avec Galileo Financial Technologies, une filiale de SoFi Technologies (NASDAQ: SOFI), offre un accès rapide aux fonds du LOC pour les entreprises et peut être utilisée partout où Mastercard est accepté.
Les nouveaux clients éligibles recevront leurs cartes dans un délai de 5 à 7 jours ouvrés après l'ouverture de leur LOC, tandis que les clients existants dont les lignes de crédit ont été financées avant le 25 octobre 2024 peuvent commander la carte. Le programme vise à aider les petites entreprises à mieux gérer leur trésorerie et à tirer parti des opportunités de croissance.
Rapid Finance kündigte die Erweiterung seiner Rapid Access Prepaid Mastercard® für alle berechtigten Kreditlinien (LOC)-Kunden nach einem erfolgreichen Pilotstart im April 2024 an. Die Karte, die in Zusammenarbeit mit Galileo Financial Technologies, einer Tochtergesellschaft von SoFi Technologies (NASDAQ: SOFI), entwickelt wurde, bietet schnellen Zugriff auf Geschäftslinien von LOC und kann dort verwendet werden, wo Mastercard akzeptiert wird.
Neue berechtigte Kunden erhalten ihre Karten innerhalb von 5-7 Geschäftstagen nach Eröffnung ihrer LOC, während bestehende Kunden mit vor dem 25. Oktober 2024 finanzierten Kreditlinien die Karte bestellen können. Das Programm zielt darauf ab, kleinen Unternehmen zu helfen, ihren Cashflow besser zu verwalten und Wachstumschancen zu nutzen.
- Partnership with SoFi Technologies (SOFI) subsidiary Galileo Financial Technologies expands service offerings
- Successful pilot program leads to full-scale implementation
- Expansion of financial services through new card product enhances customer accessibility
- None.
Insights
This partnership between Rapid Finance and Galileo Financial Technologies, a SoFi subsidiary, represents an incremental revenue opportunity for SoFi through transaction fees and banking services. The expansion of the Rapid Access Prepaid Mastercard program to all eligible LOC clients could drive increased payment volume through SoFi Bank's rails, though the impact is likely to be modest relative to SoFi's overall revenue base.
The strategic value lies in SoFi's B2B banking-as-a-service capabilities through Galileo, demonstrating the platform's ability to power financial products for other fintech companies. This reinforces SoFi's technology stack monetization strategy and helps validate their
However, since Rapid Finance's loan volume isn't disclosed and the card program is to their LOC clients, the near-term financial impact on SoFi appears minimal relative to their
Rapid Access Card program enables flexible fund access for small businesses
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
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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
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