Swift Finance Already with Galileo Financial Technology About Small Business Financing Solutions.
The partnership creates Rapid Finance’s Rapid Access Mastercard program, which is administered by Galileo and sponsored by Galileo’s parent company. Sophie Technologythe companies said in a press release emailed to PYMNTS on Tuesday (April 16).
The Rapid Access Mastercard is a prepaid business card program that allows Rapid Finance’s small and medium-sized business (SMB) customers with a good line of credit (LOC) to have seamless, instant access to funds, according to a press release.
“This card program underlines Rapid Finance’s commitment to providing flexible and easy-to-use financial solutions to businesses,” Will TumutiRapid Finance CEO said in a press release. “With the Rapid Access Mastercard, small business owners can better capture market opportunities, manage cash flow and support business growth in a more convenient way.”
According to the press release, since small and medium-sized businesses have full control over the amount withdrawn from the LOC, they can only access the funds when needed, manage their finances efficiently and minimize unnecessary expenses.
With the Quick Access Card, small and medium-sized businesses can also instantly access funds anytime, anywhere, even outside traditional banking hours, the release said.
According to a press release, the solution-creating collaboration brings together Rapid Finance’s small business banking platform and Galileo platform to enable fintech companies, financial institutions and brands to build differentiated financial solutions.
“This partnership highlights Galileo’s commitment to helping small businesses do more with their money, faster.” Derek WhiteGalileo CEO said in a press release. “We look forward to working with SoFi Bank to help Rapid Finance quickly develop and expand this flexible payment program to support small and medium-sized businesses quickly and easily obtain the capital they need to succeed.”
PYMNTS Intelligence found that businesses have turned to a number of potential solutions to address cash flow.
These include instant payments, digital working capital planning and all-in-one platforms, which are centralized digital systems that merge accounts receivable (AR) and accounts payable (AP) into a single interface, according to “Improve working capital through B2B spend management”, PYMNTS Intelligence in partnership with Galileo.
