SME financing platform Rapid Finance acquires lendtech firm Thrive
Rapid Finance, a Maryland-based fintech that provides financing options to small and medium-sized enterprises (SMEs), has acquired digital lending technology provider Thrive for an undisclosed sum.
Designed for banks, non-bank lenders and credit unions, Thrive’s end-to-end digital lending tech boosts operational efficiencies in the origination and underwriting processes for both SMEs and consumers.
The acquisition of the platform by Rapid Finance “represents a significant addition” to the company’s new technology business unit, Rapid Finance says, following a recent corporate rebrand and restructuring initiative.
Founded in 2005, Rapid Finance claims to have helped millions of small business clients find financing plans and provide access to capital when they need it most.
Rapid Finance CEO Will Tumulty says the acquisition of Thrive is a “natural fit” and will “support the growing market need for fast, simple and trusted loan options”.