RapidAdvance Announces Steven G. Mandis Has Purchased An Ownership Stake In The Company And Will Become A Strategic Advisor To The Company
BETHESDA, Md., Nov. 27, 2012 /PRNewswire/ -- Rapid Financial Services, LLC (dba RapidAdvance), one of the nation's leading providers of short-term working capital to small businesses, today announced that Steven G. Mandis, a former executive at Goldman Sachs and Citigroup and consultant to McKinsey, has purchased an ownership stake in the Company and will serve as a Strategic Advisor.
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Rapid Financial Services, LLC's Chief Executive Officer, Jeremy Brown stated: "Steven shares our passion for finding a solution to the problem that small business owners face every day, which is to find accessible and affordable financing for their business. Steven has a proven track record of helping build successful, fast growing businesses. He adds expertise in technology and data analytics, senior contacts with potential strategic partners, unique skills in risk management, and international experience. We believe Steven's expertise will complement RapidAdvance's strengths and help us in our mission of continued innovation in product offerings and small business financing solutions. His investment in RapidAdvance is a testament to the value of our business model and affirms our position as a leader within the alternative financing industry."
With multiple programs ranging from merchant cash advances to loans, RapidAdvance has financed over 11,000 businesses ranging from traditional storefront retail establishments such as restaurants, dry cleaners, florists, and automotive repair to manufacturing, trucking, and construction companies by offering customized financing solutions matching the individual business owner's needs.
Mr. Mandis stated: "After conducting diligence on the entire small business financing industry for most of the last year and meeting virtually all of the management teams in the space, I knew that RapidAdvance was uniquely positioned to be a leader in the industry. RapidAdvance has professional management and processes combined with a proven, successful business model. It offers value-added customer solutions and is widely recognized as having one of the best reputations in the industry. It is one of the fastest growing companies focused on helping small businesses get financing and is poised for long term growth."
About RapidAdvance: RapidAdvance is a leader 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 ranging from small business loans to merchant cash advances 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. For more information, visit http://www.rapidadvance.com/.
About Steven Mandis: Steven Mandis is an adjunct professor at Columbia University Business School. Formerly, Mr. Mandis was an executive at Citigroup in various roles including Chief of Staff to the President and Chief Operating Officer of Citigroup; Vice Chairman of Citigroup's Institutional Clients Group (ICG); and a member of the Executive, Management and Risk Management Committees of ICG. ICG includes Global Banking, Global Markets, Global Transaction Services, Citi Private Bank, Citi Capital Advisors and Citi Investment Research and Analysis and has over $30 billion in revenues. Prior to joining Citigroup, Mr. Mandis was a senior advisor to McKinsey & Company. During the financial crisis, Mr. Mandis was asked to advise McKinsey on strategic, business process, risk and organizational issues facing financial institutions and related regulatory authorities throughout the world. Previously, Mr. Mandis had worked at Goldman Sachs in a variety of departments. Mr. Mandis helped build the Special Situations Proprietary Trading Group (SSG) within the Fixed Income, Commodities and Currencies Division at Goldman Sachs. SSG was one of the largest and most profitable proprietary trading groups at Goldman Sachs and on Wall Street. In addition, Mr. Mandis was the business unit manager for the global M&A department. While at Goldman Steven assisted and reported to Mr. Henry M. Paulson when Mr. Paulson was promoted from Co-Head of the Investment Banking Division to President and Chief Operating Officer of Goldman Sachs. Mr. Mandis left Goldman Sachs to co-start a global alternative asset management company that he helped grow to in excess of $12 billion dollars of assets under management. Mr. Mandis received an A.B. with Honors from The University of Chicago and a M.A. from Columbia University. In addition, he is a part-time Ph.D. student and an honorary Paul F. Lazarsfeld Fellow in the Department of Sociology in the Graduate School of Arts and Sciences at Columbia University.
Media contact: Jeremy Brown, 240-514-2002, [email protected]
SOURCE Rapid Financial Services, LLC
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