May 29, 2024

Mergers & Acquisitions

Rapid Finance Acquires Thrive

A Maryland-based Fintech, Rapid Finance that offers financing options for SMEs has now acquired a digital lending technology provider, Thrive. Designed for credit unions, non-bank, and band lenders, it is an end-to-end digital lending technology that boosts the underwriting processes for consumers and SMEs. Thrive also increases the operational efficiencies in SME origination.

Rapid Finance has a track record of rendering great help by supporting and making small businesses succeed. They use a combination of technology with excellent industry expertise to help business clients meet all their business requirements. Focused on providing bespoke and sustainable financing solutions to SMEs, Rapid Finance, with more than 200 employers, offers 2 billion dollars in business financing.

Founded in the year 2005, Rapid Finance helped a lot of small businesses get financing plans and gain access to capital when they were in need. Rapid Finance says that acquiring Thrive will become an addition to the business’s technology unit after a corporate restructuring and rebranding initiative. The CEO of Rapid Finance, Tumulty, says that this acquisition will support the market’s need in terms of simple, trusted, and fast loan options.

The CEO and co-founder of Thrive, Kunal Sehgal, said that Thrive was developed to address the demand for efficient lending via intelligent automation of origination, application, decisioning, servicing, and underwriting. He stated that once it merges with Rapid Finance, it will be in a stable position to build a foundation that will accelerate better growth.

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