Rapid Finance, a small business banking platform helping small businesses find customised financing solutions, in collaboration with Galileo Financial Technologies has announced the launch of the Rapid Access Mastercard. Rapid Finance’s Mastercard program is the first program sponsored by SoFi Bank, and managed by Galileo, giving eligible small business (SMB) customers quick and flexible access to their funds when they need it most.
77% of SMBs are concerned about their access to capital. The introduction of the Rapid Access prepaid commercial card addresses this issue by providing SMBs with a flexible payment option. Through this card program, Rapid Finance’s SMB customers with a line of credit (LOC) in good standing can seamlessly and instantly access their funds to maintain their operations and pursue growth opportunities.
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In addition to providing fast and flexible access to capital, SMBs also have full control of how much they draw from their LOC, ensuring they only access the funds they need when they need them. This flexibility empowers businesses to efficiently manage their finances while minimising unnecessary expenses.
Rapid Access card holders also benefit from 24/7 instant access to funds
This provides SMB owners access to working capital anytime and anywhere, seizing growth opportunities on-demand, even outside traditional banking hours.
Will Tumulty, CEO of Rapid Finance, said: “This card program underscores Rapid Finance’s commitment to empowering businesses with flexible and accessible financial solutions. 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.”
Derek White, CEO at Galileo, commented: “This collaboration underscores Galileo’s commitment to helping small businesses do more with their money, faster. 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.”
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