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.