The acquired firm will become part of the company’s new Rapid Finance Technology business division.
Thrive provides an end-to-end digital lending platform for banks, non-bank lenders, and credit unions.
The platform is said to drive operational efficiencies by streamlining the origination process and providing more efficient underwriting for both retail and small business lending.
Rapid Finance CEO Will Tumulty said: “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.
“This acquisition is a natural fit and in line with our team’s thoughtful approach to modernising business finance and generating value for our clients and their business.”
Thrive co-founder and CEO Kunal Sehgal said: “Since its inception, Thrive was purpose-built to address the need for more efficient lending through intelligent automation of application, origination, underwriting, decisioning and servicing.
“By becoming part of an established industry leader like Rapid Finance, we are well positioned to build on that foundation and accelerate our growth.”
Rapid Finance is focused on offering sustainable and bespoke financing solutions to small and medium-sized businesses.
According to the firm’s LinkedIn profile, it employs more than 200 people and claims to have provided over $2bn in business financing across the country.