Author: Roman Grant

Rapid Enterprises’ Software as a Service (SaaS) Regtech module, SMB Disclosure Service, to support business lenders and financing companies in complying with Utah’s new commercial transaction disclosure requirements.

Banks will need to go beyond onboarding and origination to help nurture relationships with business banking customers to better predict if they may be encountering financial trouble as economic conditions change.

As more states enact their disclosure laws for commercial finance providers, the regulatory burden will only increase on those companies.

Bankers recognize the importance of providing their business banking customers with the same fast and frictionless digital experience that their consumer retail banking customers enjoy.

Rapid Finance announced the availability of its new Regtech module, SMB Disclosure Service, to enable business lenders and financing companies to quickly and easily produce compliant disclosure statements at a state-by-state level.

Rapid Finance, which is focused on helping small businesses find sustainable, customized financing solutions through a fast, simple application process, acquired Thrive, a digital lending platform provider

Will Tumulty, CEO at Rapid Finance, explained that Thrive’s technology will be greatly enhanced by Rapid’s own experience in the lending business.

“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.

“By becoming part of an established industry leader like Rapid Finance, we are well positioned to build on that foundation and accelerate our growth.” Kunal Sehgal Rapid Enterprise

Through Rapid Finance’s Lending-as-a-Service (LaaS) business model, the restructuring positions corporate partners to readily apply the company’s technology and servicing business capabilities to support their portfolios at every level.

“There is an increasing need for fast and simple financing solutions for small businesses, especially those still recovering from the impact of the pandemic,” said Will Tumulty, CEO, Rapid Finance.