Leading online financial services and technology company
Rapid’s flexible funding solutions offers small businesses an attractive alternative to finance the day-to-day operations of their business, in a fast, cost-effective, and convenient manner. Through its technology solutions, Rapid is the embedded finance partner of choice to companies that serve small businesses that are looking to add financing solutions to their product portfolio.
Finding the Right Partner to Scale in a High Growth Market
Rockbridge and Rapid Finance were engaged in active dialogue for three years prior to Rockbridge’s acquisition, a result of a proprietary multi-year search in the small business lending space. Rapid had the right foundation to become a leader in the industry, but needed a partner to help achieve its objectives. Rockbridge was able to provide that expertise by:
- Helping to build out a highly scalable technology platform
- Accelerating growth by leveraging the Rock FOC expertise and relationships to drive lead flow through direct sales and marketing channels
A Culture of Sales, Marketing, and Technology
Rockbridge was the right partner at the right time for Rapid:
- Our direct sales and marketing expertise and access to a pool of qualified sales and marketing professionals through the Rock Family of Companies helped lead to step changes in origination volume
- Rockbridge’s focus on strategic partnership lead to many high value partnerships and new channel opportunities that have accelerated growth
How We Partnered
Critical Support for Growth and Technology
Rapid was able to benefit from Rockbridge’s network to significantly enhance the company’s sales, marketing, and technology capabilities.
Rebuilding the Technology Platform
Rapid and Rockbridge worked together to architect a scalable technology platform that enabled process efficiencies and increased margins:
- The former Chief Technology Officer at Rocket Mortgage worked with Rapid’s Chief Technology Officer to develop new underwriting, loan origination, and servicing modules
- Rockbridge worked with management to implement technology-enabled process redesigns to allow Rapid to scale volume in a cost-efficient manner
Making Strategic Introductions Through the Rock Family of Companies
When the COVID-19 pandemic affected small businesses, Rapid and Rockbridge were able to leverage Rocket Loans’ relationship with the United States Small Business Association (SBA) to stand up the Economic Injury Disaster Loan (EIDL) program, which administered more than $400 billion of loans and grants to small businesses affected by COVID.
- Rapid Finance stood up the EIDL loan program in four weeks and was able to do so because of the significant investment Rockbridge had enabled early in its investment period
- The program administered relief to more than 7 million of the 32 million small businesses in the United States in 18 months
By The Numbers
Collaborative Partnership Creates Meaningful Value
Rapid has scaled significantly and expanded its product capabilities since partnering with Rockbridge: