Rapid Finance Launches SPADE AI Module to Revolutionize Small Business Loan Processing
Rapid Finance, a leader in small business financing and enterprise lending solutions, has officially launched SPADE (Smart Processing and Data Extraction), a cutting-edge AI module integrated into its flagship data automation platform, Lynx.
SPADE is designed to automate and accelerate the loan processing pipeline, reducing document processing time by over 95%, which helps financial institutions serve small business clients with greater efficiency and precision.
Transforming Loan Processing Speed and Efficiency
SPADE leverages advanced machine learning to extract key data from complex and inconsistent loan applications, including handwritten content, often submitted in PDF format. Traditional manual processing is time-consuming, typically taking over 20 minutes per application.
However, SPADE streamlines this process, reducing processing time to just 20 seconds, which enables lenders to process more applications and deliver faster services to their small business clients.
Will Tumulty, CEO of Rapid Finance. “Small businesses are the heartbeat of our economy, and they deserve a lending process that moves at the speed of their ambition.”
He added, “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.”
Advanced Features and Smart Capabilities
SPADE goes beyond simple data extraction by offering smart features such as automatic document classification. Upcoming capabilities, including company social media sentiment analysis, will further enhance the platform's usefulness for lenders.
As a fully configurable and extensible module, SPADE turns unstructured documents into decision-ready data in real time, making it easier for financial institutions to process and review applications quickly and accurately.
Also read: Vine Financial Raises Seed Funding to Scale AI-Powered Commercial Lending Platform
AI Accuracy and Real-Time Decision Making
During internal testing, SPADE consistently matched or exceeded human-level accuracy in processing loan applications, typically completing tasks in just 15–20 seconds. This level of performance enables lenders to scale their operations significantly while maintaining compliance and precision.
As part of Rapid Finance’s end-to-end Lynx platform, SPADE seamlessly integrates into existing workflows. The Lynx platform enables institutions to ingest, validate, enrich, and review applicant data in real time, supporting smarter, faster decision-making.
