Detroit-based Rockbridge Growth Equity has acquired Rapid Financial Services, a Bethesda, Maryland-based provider of capital for small businesses.
RapidAdvance has created a technology-powered platform that underwrites small business loans and advances, providing its customers with capital quickly and efficiently. The company has opened up the market for capital to small businesses through its web-enabled system.
"RapidAdvance’s product innovation, data driven ‘best-in-class’ underwriting, customer-first approach and talented team are a great addition to our family of companies. We will provide all the necessary resources to accelerate its growth," says Kevin Prokop, managing director, Rockbridge Growth Equity. "We are excited to work with RapidAdvance in its effort to help America’s small business community."
RapidAdvance has experienced year-over-year double digit revenue growth for the past three years. The company has provided nearly USD600m in working capital to thousands of small business owners across the nation, ranging from traditional retail establishments, brand name chain restaurants, automotive repair, manufacturing, trucking, and professional service providers.
"By aligning with Rockbridge, we will leverage our new relationship with its portfolio of companies, bringing best practices and expertise to nearly every aspect of our business," says RapidAdvance chief executive Jeremy Brown.
Current investors Andrew Cherner, Jonathan Cherner and Steven Mandis will remain shareholders of the company.
