Rapid Finance, a premier small business financing platform, has announced the expansion of availability for its Rapid Access Prepaid Mastercard® to all eligible Business Line of Credit (LOC) clients, following a successful pilot program in April 2024. This strategic move, in collaboration with Galileo Financial Technologies and SoFi Technologies, Inc., is set to revolutionize the way small businesses manage their finances. The new initiative enables small business owners to access their LOC funds with greater convenience and flexibility. The Rapid Access Card can be used wherever Mastercard is accepted, providing an easy and secure method for accessing funds.
The move aims to address the frequent challenges that small business owners face in managing cash flow and seizing growth opportunities. By providing quick and direct access to their LOC funds, businesses can operate with increased efficiency and agility. Rapid Finance plans to issue the new cards to its new clients within five to seven business days of opening an LOC account. Existing clients who had an LOC before October 25, 2024, are also eligible to request the card. Through this innovative financial solution, small businesses will have the opportunity to maintain smoother operations and capitalize on new growth prospects.
Will Tumulty, CEO of Rapid Finance, highlighted the card’s significant role in bolstering business growth and operational efficiency, stating that this initiative is part of the company’s ongoing commitment to providing flexible and convenient financial solutions to small businesses. The Rapid Finance Prepaid Mastercard, issued by SoFi Bank, N.A., reinforces this commitment by delivering a practical tool for effective cash flow management. However, it’s crucial to note that while the card is issued by SoFi Bank, the Rapid Finance Line of Credit remains an independent service managed and funded solely by Rapid Finance.
This expansion initiative underscores Rapid Finance’s dedication to supporting small businesses by adopting innovative financial solutions. By enabling easier access to funds, Rapid Finance continues to empower small business owners to navigate the financial landscape more effectively. The introduction of the Rapid Access Prepaid Mastercard® is a significant step forward, ensuring that clients can perform transactions seamlessly and keep their businesses moving forward. The collaboration with Galileo Financial Technologies and SoFi Technologies, Inc. marks a pivotal moment in the fintech industry, promising to set new standards for business finance solutions.