Interview with Rapid Finance CRO Mark Cerminaro on SMB lending trends, AI-driven underwriting, embedded finance, and fintech growth strategies.
Mark, could you share a bit about your journey to becoming Chief Revenue Officer at Rapid Finance and how your experience has shaped your perspective on SMB lending?
It wasn’t a perfectly planned master strategy. It had a lot of unknowns and, like most careers, was not a straight line. But I had confidence it was meaningful. I’ve spent my whole career in financial services, always focusing on growth in both sales and partnerships. I moved to fintech in 2007 when I joined Rapid Finance. I was pulled to SMB lending because it sits at an interesting intersection of real impact, real urgency and real complexity.
Working with small businesses changes your perspective on SMB lending. This isn’t just about abstract balance sheets; these are people trying to provide for their families, expand locations or strategically take advantage of opportunities. That’s shaped how I think about lending: speed matters, transparency matters and flexibility matters. If you’re not solving a problem quickly, you’re probably not solving it at all.
What are the biggest trends currently shaping the small and medium-sized business financing landscape?
A few big ones stand out to me. First, it’s not new, but it’s still shaping everything, is the shift toward embedded finance. Small business owners increasingly expect financing options to show up right where they already operate, whether that’s in their payments platform, wholesale business shopping experience or at the touch of a device.
Second, data is the focus of underwriting. We’ve moved beyond looking at credit scores to using dozens of forms of data to get a more holistic, real-time view of a business applying for financing.
And third, expectations have changed. Small businesses expect the same service as consumers. SMBs don’t want a three-week application process, a dozen phone calls and a stack of paperwork. They want speed, clarity and an intuitive, fully online experience.
As the leader of sales, how has the sales strategy for fintech lending platforms evolved as the industry has matured?
Early on, fintech sales were mostly about educating and explaining what alternative lending even was. Now, the conversation is much more sophisticated. Small businesses know their options, and they’re comparing experiences, not just rates.
Sales today is less about pushing a product and more about educating a client so they can make the best decision for their business. It’s data-driven and supported by technology. Alignment between sales, marketing and technology is also critical to scaling the business efficiently.
How is emerging technology, such as artificial intelligence, challenging or changing the way lenders evaluate risk and serve customers?
AI is certainly changing the game on both sides of the house. On the risk side, it allows us to analyze more data points more quickly and spot patterns that traditional models might miss. This helps us better understand what is occurring when issues arise and proactively reach out to clients to help them through tough times.
On the customer service side, AI has helped us personalize interactions and streamline processes. But the key is balance. SMB owners still want to know there’s a human there when it matters because it’s not just a business, it’s their business. We need AI to enhance the experience, not replace the customer service relationship.
In what ways has technology improved the customer experience for SMB borrowers?
Honestly, the biggest improvement technology has given clients is removing friction. Applications that used to take days to finish now take minutes. Underwriting decisions that took weeks can happen in hours.
In addition to improving speed, technology has increased transparency and given customers greater control over the process. Borrowers can see exactly where they are in the application, understand expected timelines and move through each step with clarity. Third-party integrations also make it easier to provide required documentation in real time, reducing friction and allowing business owners to stay focused on running their business instead of chasing paperwork.
What role do strategic partnerships and platform integrations play in expanding access to capital for SMBs?
I shout from the rooftops that partnerships and the integrations we use to connect to them are critical. You can’t expect SMBs to always come to you. If you want to meet them where they are, like with embedded financing, you must show up in their ecosystem.
Strategic partnerships allow lenders to embed financing into platforms SMBs already trust. That not only expands access but also improves the overall experience because it’s seamless. It becomes less “I’ve got to go and apply for a loan” and more “we know you and here’s a smart financing option right when you need it.”
What are some of the biggest challenges lenders face when scaling their sales operations, and how can they be addressed?
Scaling sales sounds great – until you actually have to do it. The biggest challenges are consistency, training and maintaining quality as you grow. Since I’ve been with Rapid, we’ve grown from a small startup to a large, mature business, and throughout that time, sales operations have remained a critical part of our structure.
You need clear processes, strong enablement, great people and clean, organized data. But just as importantly, you need culture and a focus on making sure your team understands the “why,” not just the “what.” Otherwise, you end up with growth that looks good on paper but doesn’t hold up long term.
Over the next five years, what innovations or market shifts do you think will most impact the lending industry?
We expect to see even deeper integration of financial services into nonfinancial platforms. Terms like “embedded finance” will just become “finance.” At the same time, AI will likely create a hybrid model that blends automation with human insight to more effectively strike a balance between efficiency and trust.
As innovation accelerates, financial services regulation will evolve alongside it, ultimately shaping how quickly these changes scale.
What should SMBs consider when seeking financing from fintech lenders today versus traditional institutions?
The great news is that SMBs have more financing options than ever, but that also requires a more thoughtful approach to evaluating them.
Beyond the basics, it comes down to fit. How quickly can you access capital? How well does the product align with your cash flow? How transparent is the process? Do you understand what you’re getting?
Fintech lenders have pushed the industry forward in terms of speed, accessibility and ease of use, while traditional institutions still play an important role depending on the situation. The right choice depends on your business needs at that moment in time. It’s not a one-size-fits-all answer.
Finally, what advice would you give to aspiring leaders in fintech who aim to drive growth and innovation in the SMB lending space?
Stay close to the customer. There was financing before there was technology. It’s easy to get caught up in the technology part of fintech, but at the end of the day, this industry is about solving real problems for real people.
And finally, join and build great teams. Fintech moves fast, and no one scales anything alone. Surround yourself with smart people, give them room to operate and keep being curious.
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