Rapid Finance has launched SPADE, a powerful AI tool that drastically improves loan processing speed for small business financing. Integrated into the company’s Lynx platform, this AI-driven solution accelerates application processing by over 95%.
Using advanced machine learning, SPADE extracts vital information from handwritten or complex PDF loan applications. Previously, processing one document manually took 20 minutes or longer. Now, with SPADE, this takes just 20 seconds.
“Small businesses power our economy, and they need fast lending solutions,” said Will Tumulty, CEO of Rapid Finance. “SPADE and Lynx together simplify AI loan processing and reduce operational costs significantly.”
The tool also brings in automation features like document classification, with future additions such as social sentiment analysis. Moreover, SPADE supports configurable options that make the solution adaptable to various lending needs.
During internal testing, SPADE matched or outperformed manual processing in both accuracy and speed. Most documents were handled in 15–20 seconds, showing strong consistency and scalability for automated lending solutions.
As a core component of the Lynx platform, SPADE fits effortlessly into existing banking and lending workflows. Lynx already allows financial institutions to validate, enrich, and review applicant data in real time.
By combining SPADE with Lynx, Rapid Finance helps lenders make faster, more informed decisions with fewer resources. This reinforces their commitment to reshaping small business financing using scalable AI loan processing tools.
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News Source: Businesswire.com