A Detroit private-equity firm affiliated with the mortgage originator Quicken Loans has acquired Rapid Financial Services, an online lender to small businesses.
Rockbridge Growth Equity did not disclose how much it paid for Rapid, which does business as RapidAdvance.
Based in Bethesda, Md., Rapid has provided about $600 million in funding. Its previous investors, Andrew Cherner, Jonathan Cherner and Steven Mandis, retained stakes in the company.
Rockbridge Growth Equity was founded in 2007 by a group of investors including Dan Gilbert, who runs Quicken Loans and owns the Cleveland Cavaliers basketball team.
"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 of Rockbridge and one of its founders, in a press release. "We are excited to work with RapidAdvance in its effort to help America's small business community."