Rapid Finance Teams With Galileo on Small Business Financing Solution

Rapid Finance has teamed up with Galileo Financial Technologies on a small business financing solution.

This collaboration has created Rapid Finance’s Rapid Access Mastercard program, which is managed by Galileo and sponsored by Galileo’s parent company, SoFi Technologies, the companies said in a Tuesday (April 16) press release emailed to PYMNTS.

The Rapid Access Mastercard is a prepaid commercial card program that allows Rapid Finance’s small and medium-sized business (SMB) customers with a line of credit (LOC) in good standing to seamlessly and instantly access their funds, according to the release.

“This card program underscores Rapid Finance’s commitment to empowering businesses with flexible and accessible financial solutions,” Will Tumulty, CEO of Rapid Finance, said in the release. “With the Rapid Access Mastercard, small business owners can better seize market opportunities, manage their cash flow and support their business growth in a way that is more convenient for them.”

Because SMBs have full control of how much they draw from their LOC, they can access the funds only when they need them, efficiently manage their finances and minimize unnecessary expenses, per the release.

With the Rapid Access card, SMBs can also access the funds instantly, anywhere and at any time, even outside traditional banking hours, the release said.

The collaboration that created this solution brings together Rapid Finance’s small business banking platform and Galileo’s platform that enables FinTechs, financial institutions and brands to build differentiated financial solutions, per the release.

“This collaboration underscores Galileo’s commitment to helping small businesses do more with their money, faster,” Derek White, CEO at Galileo, said in the release. “We look forward to working together alongside SoFi Bank to help Rapid Finance quickly develop and scale this flexible payment program to support SMBs’ ability to gain swift, easy access to the funds they need to be successful.”

PYMNTS Intelligence has found that businesses have turned to a number of potential solutions to address cash flow.

These include real-time payments, digitized working capital programs and all-in-one platforms, which are centralized digital systems that incorporate accounts receivable (AR) and accounts payable (AP) into a single interface, according to “Better Working Capital with B2B Spend Management,” a PYMNTS Intelligence and Galileo collaboration.