Rapid Finance announced its acquisition of digital lending platform provider, Thrive, at American Banker’s Small Business Banking conference. As part of Rapid Finance’s recent corporate rebrand and restructuring, the Thrive acquisition represents a significant addition to the company’s new Rapid Finance Technology business unit. Thrive’s true, the end-to-end digital lending platform enables banks, non-bank lenders, and credit unions to realize meaningful operational efficiencies through a streamlined origination process and more efficient underwriting for both consumer and SMB lending.
“Since its inception, Thrive was purpose-built to address the need for more efficient lending through intelligent automation of application, origination, underwriting, decisioning, and servicing,” said Kunal Sehgal, co-founder, and CEO of Thrive. “By becoming part of an established industry leader like Rapid Finance, we are well positioned to build on that foundation and accelerate our growth.”
“We are excited to bring Thrive into the Rapid Finance suite of solutions to support the growing market need for fast, simple, and trusted loan options,” said Will Tumulty, CEO of Rapid Finance. “This acquisition is a natural fit and in line with our team’s thoughtful approach to modernizing business finance and generating value for our clients and their business.”