Detroit-Based Rockbridge Growth Equity Acquires RapidAdvance
Investment will accelerate growth of small business finance company
DETROIT, September 16, 2013 – Detroit-based Rockbridge Growth Equity, LLC, has acquired Rapid Financial Services, LLC, (doing business as RapidAdvance). Based in Bethesda, Maryland, RapidAdvance is a leading 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 unique web-enabled system that is a dramatic improvement from the typical process a small business experiences with big banks. “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,” said 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, making it one of the most recognized companies in the small business finance industry. The company has provided nearly $600 million 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,” said RapidAdvance CEO Jeremy Brown. Current investors Andrew Cherner, Jonathan Cherner and Steven Mandis will remain shareholders of the company. # # #
About Rockbridge Growth Equity, LLC
Rockbridge Growth Equity, LLC, founded by Dan Gilbert, Brian Hermelin and Kevin Prokop in 2007, is a Detroit-based private equity firm that invests in financial, consumer-direct marketing, and ‘sports, media and entertainment’ industries. Rockbridge is part of the Rock Ventures Family of Companies, whose flagship company, Quicken Loans, is the nation’s third largest residential mortgage lender. Rockbridge also owns equity stakes in Connect America, Account Now, Protect America, Northcentral University, One on One Marketing, Purchasing Power and Triad Retail Media. The firm is also affiliated with other leading businesses including the Cleveland Cavaliers and Fathead. www.rbequity.com . About RapidAdvance
Bethesda, Maryland-based RapidAdvance is a leader in the small business finance industry. The company has provided nearly $600 million 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. RapidAdvance has opened up the market for capital to small businesses through its unique web-enabled system that dramatically improves the typical process a small business experiences with big banks.

Detroit-Based Rockbridge Growth Equity Acquires RapidAdvance

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Alternative SMB lender RapidAdvance is linking up with payments and processing company iPayment to expand its reach. The companies announced their partnership this week, a move that sees iPayment offering its merchants financing offerings from RapidAdvance. According to RapidAdvance, their tie-up will allow the lender to reach 140,000 merchants of iPayment. “We are excited to partner with iPayment to provide fast and flexible business financing for its clients and help meet the demand for solutions that can be tailored to the specific needs and business goals of each client,” said RapidAdvance CEO Will Tumulty in a statement. “iPayment understands that access to growth capital is an essential component to success for business.”
In another statement, iPayment CEO and President O.B. Rawls IV said providing its SMB merchants with access to financing is “critical.”
“After a thorough search and pre-qualification process, we made the decision that RapidAdvance is the right partner for us and, more importantly, for our customers,” the CEO added. “We are excited to bring their suite of offerings to our customers and our partners.”
News of the integration with RapidAdvance comes at a tumultuous time for iPayment. Earlier this year reports said the Securities and Exchange Commission charged former executives of the company for a fraud scheme to steal money from the company. The executives are accused of creating a scam to file fake invoices so they could be reimbursed; reports said the accusations include plans to conspire with suppliers to inflate invoices and receive kickbacks from those overpayments. The SEC charged former iPayment Senior Vice President of Sales and Marketing Nasir N. Shakouri and former Executive Vice President and Chief Operating Officer Robert S. Torino with the scheme, which allegedly led to millions of dollars in stolen funds.

iPayment Links Merchants To SMB Lender RapidAdvance

(PRNewsfoto/RapidAdvance)
(PRNewsfoto/RapidAdvance)
BETHESDA, Md., June 13, 2017 /PRNewswire/ -- RapidAdvance, a  leading online  financial services company that offers flexible funding solutions to  small and medium-sized businesses (SMBs),  today  announced a new partnership with iPayment,  Inc.,  a trusted  provider of payment and processing solutions. Under terms of the agreement, iPayment will offer RapidAdvance's business lending solutions and alternative financing programs to its more than 140,000 merchant customers. "We  are excited to partner with iPayment to  provide fast and flexible business financing for its clients and help meet the demand for solutions that can be tailored to the specific needs and business goals of each client," said Will Tumulty, CEO of RapidAdvance. "iPayment understands  that access to growth capital is an essential component to success for businesses." "Small business lending is a critical offering for companies like ours," said O.B. Rawls IV, CEO and President, iPayment, Inc. "After a thorough search and pre-qualification process, we made the decision that RapidAdvance is the right partner for us, and more importantly for our customers. We are excited to bring their suite of offerings to our customers and our partners." Providing working capital to business owners quickly, easily and seamlessly allows them to spend more time growing their business rather than searching for capital. iPayment will leverage RapidAdvance's technology-driven  platform and personalized support to increase the availability of capital to merchant customers  as an alternative or a  complement  to traditional avenues of business  financing. About  RapidAdvance
RapidAdvance  is a leading online financial services company that offers flexible funding solutions to small and medium-sized businesses. Having provided more than $1 billion in financing to businesses nationwide, RapidAdvance helps clients obtain working capital funds quickly and seamlessly. RapidAdvance is headquartered in Bethesda, Maryland, also has an office in Detroit, Michigan and is rated A+ by the Better Business Bureau. In 2016, the company was named one of The  Washington Post's  Top Workplaces in DC; one of Detroit's 101 Best and Brightest Companies; and ranked #1 in the small business category in the Detroit  Free Press's  annual survey of Top Workplaces in Michigan. RapidAdvance is a Rockbridge Growth Equity portfolio company. For more information visit www.rapidadvance.com and  connect with us on Twitter @Rapid_Advance ,  LinkedIn and  Facebook . About  iPayment,  Inc.
iPayment is a trusted provider of payment processing solutions in the U.S. With over 18 years of experience and more than 140,000 SMB customers, the company is consistently recognized for its depth of payments experience, breadth of product offerings, and commitment to transparency and SMB support. From new product innovation to customer service satisfaction, iPayment is an organization focused on small business enablement and delivering relevant and impactful services and solutions that help partners and SMB customers grow their individual businesses. For more information on iPayment, please visit http://www.ipaymentinc.com . Contact: Mark Cerminaro

RapidAdvance Announces New Partnership with iPayment, Inc.

RapidAdvance Announces Partnership with iPayment
6/13/17
RapidAdvance, a  leading online  financial services company that offers flexible funding solutions to  small and medium-sized businesses (SMBs),  today  announced a new partnership with iPayment,  Inc.,  a trusted  provider of payment and processing solutions. Under terms of the agreement, iPayment will offer RapidAdvance's business lending solutions and alternative financing programs to its more than 140,000 merchant customers. "We  are excited to partner with iPayment to  provide fast and flexible business financing for its clients and help meet the demand for solutions that can be tailored to the specific needs and business goals of each client," said Will Tumulty, CEO of RapidAdvance. "iPayment understands  that access to growth capital is an essential component to success for businesses." "Small business lending is a critical offering for companies like ours," said O.B. Rawls IV, CEO and President, iPayment, Inc. "After a thorough search and pre-qualification process, we made the decision that RapidAdvance is the right partner for us, and more importantly for our customers. We are excited to bring their suite of offerings to our customers and our partners." Providing working capital to business owners quickly, easily and seamlessly allows them to spend more time growing their business rather than searching for capital. iPayment will leverage RapidAdvance's technology-driven  platform and personalized support to increase the availability of capital to merchant customers  as an alternative or a  complement  to traditional avenues of business  financing. About  RapidAdvance
RapidAdvance  is a leading online financial services company that offers flexible funding solutions to small and medium-sized businesses. Having provided more than $1 billion in financing to businesses nationwide, RapidAdvance helps clients obtain working capital funds quickly and seamlessly. RapidAdvance is headquartered in Bethesda, Maryland, also has an office in Detroit, Michigan and is rated A+ by the Better Business Bureau. In 2016, the company was named one of The  Washington Post's  Top Workplaces in DC; one of Detroit's 101 Best and Brightest Companies; and ranked #1 in the small business category in the Detroit  Free Press's  annual survey of Top Workplaces in Michigan. RapidAdvance is a Rockbridge Growth Equity portfolio company. For more information visit www.rapidadvance.com and  connect with us on Twitter @Rapid_Advance , LinkedIn and Facebook . About  iPayment,  Inc.
iPayment is a trusted provider of payment processing solutions in the U.S. With over 18 years of experience and more than 140,000 SMB customers, the company is consistently recognized for its depth of payments experience, breadth of product offerings, and commitment to transparency and SMB support. From new product innovation to customer service satisfaction, iPayment is an organization focused on small business enablement and delivering relevant and impactful services and solutions that help partners and SMB customers grow their individual businesses. For more information on iPayment, please visit http://www.ipaymentinc.com .

RapidAdvance Announces Partnership with iPayment

iPayment is a U.S.-based provider of payment and processing solutions for small and medium-sized enterprises.

iPayment

CU Solutions Group is a credit union service organization that serves the credit union industry through three key divisions: technology, marketing, and performance.

CU Solutions Group

National Small Business Association offers access to the latest resources, information, and best practices in advocacy and communications for our members, government offices, and the media.

National Small Business Association

SITO Mobile

Emergent Capital

Insurent

Esurance

Swiss Re

Kearney

Acq - Fin

Rapid Financial Services, dba RapidAdvance, is a provider in the alternative financing industry providing working capital solutions to meet the needs of small and mid-sized businesses. RapidAdvance offers small business owners multiple financing options designed to meet the capital needs of established low-risk businesses, businesses with financial challenges, and newer businesses. RapidAdvance 's suite of products offers business owners the ability to obtain financing to grow their business. Funding can be used for virtually any business purpose including purchasing new equipment, inventory/seasonal merchandising, expansion/remodeling, paying off debt/taxes, and emergency funding. RapidAdvance also offers a partner program for companies who work with small businesses.

Date	9/16/2013
Round	Acq - Fin
Amount
Investors	Rockbridge Growth Equity
Valuation
Revenue	0 FY undefined
Sources	1

First funding	9/16/2013
Last Funding	9/16/2013
Investor	Rockbridge Growth Equity
Rounds	1 Acq - Fin
Board Seats
Type	Private Equity
Location	Michigan

Date	5/15/2013
Investment Stage	Debt
Companies	Professional Merchant Advance Capital
Valuation	$99M
Total Funding	$12M
Note	Acquired
Sources	1

Wells Fargo Success Story

3M Success Story

Platform Overview

RapidAdvance

Investors Count

RapidAdvance Funding, RapidAdvance Valuation & RapidAdvance Revenue

RapidAdvance Investors

RapidAdvance Acquisitions

1 Acquisition

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