Yahoo Finance, "Rapid Finance Releases Breakthrough AI Tool to Slash Loan Application Processing Times" (June 17, 2025)

Summary

A paid Business Wire press release dated June 17, 2025, from Bethesda, Md., in which Rapid Finance announces SPADE (Smart Processing and Data Extraction), an AI-driven module in its Lynx data automation platform. The release says SPADE extracts data from loan applications submitted in PDF format and cuts document processing time by over 95%, from almost 20 minutes or more per application to as little as 20 seconds. It states that SPADE matched or exceeded human-level accuracy in internal testing. CEO Will Tumulty is quoted, and the release says Rapid Finance has provided small business financing since 2005.

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Rapid Finance Releases Breakthrough AI Tool to Slash Loan Application Processing Times

Business Wire

June 17, 2025 2 min read

New Lynx module, SPADE, accelerates loan application reviews from 20 minutes to 20 seconds, simplifying small business lending.

BETHESDA, Md., June 17, 2025 --( BUSINESS WIRE )-- Rapid Finance , a leader in small business financing and enterprise lending solutions, today announced the launch of SPADE (Smart Processing and Data Extraction), a powerful AI-driven module integrated into its flagship data automation platform, Lynx . Designed to automate and accelerate loan processing, SPADE cuts document processing time by over 95%, enabling financial institutions to serve small business clients with speed and precision.

SPADE leverages advanced machine learning to extract key data from complex, inconsistent and handwritten loan applications submitted in PDF format. Manual processing is often labor-intensive, taking almost 20 minutes or more per application. With SPADE, this process takes as little as 20 seconds, delivering faster service to lenders and their small business customers.

"Small businesses are the heartbeat of our economy, and they deserve a lending process that moves at the speed of their ambition," said Will Tumulty, CEO of Rapid Finance. "With SPADE and Lynx working together, we're giving our partners the tools to process applications faster, more accurately, and with less overhead, ultimately transforming how they serve their business banking customers."

In addition to fast data extraction, SPADE offers smart features like automatic document classification, with upcoming capabilities such as company social media sentiment analysis. Fully configurable and extensible, SPADE enhances the already robust Lynx platform by turning unstructured documents into decision-ready data in real time.

SPADE consistently matched or exceeded human-level accuracy during internal testing, processing most documents in 15–20 seconds. This performance empowers lenders to significantly scale operations without compromising precision or compliance. As a native module within Lynx, Rapid Finance's end-to-end data automation platform, SPADE seamlessly plugs into existing workflows. Lynx enables institutions to ingest, validate, enrich and review applicant data in real time, making smarter, faster decisions.

About Rapid Finance

Since 2005, Rapid Finance has been helping small businesses thrive by providing fast, flexible, and technology-driven financing solutions. Through its scalable Lending-as-a-Service platforms, Rapid Finance empowers both small businesses and enterprise partners. Learn more at www.rapidfinance.com .

View source version on businesswire.com: https://www.businesswire.com/news/home/20250617147083/en/

Contacts

MEDIA CONTACT: Augusta Bauknight For Rapid Finance 678-781-7214 augusta@williammills.com

Alex Arango For Rapid Finance 678-781-7233 alex@williammills.com

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