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Devin Delany: First things first. Hello everyone, Devin
Delany here with Rapid Finance. You know, it's just an

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honor to be here closing out Broker Fair 2020 Virtual
and representing Rapid finance as a platinum sponsor.

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You know, throughout the day, my team and I were just
thrilled to see how successful this unprecedented

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industry event turned out to be under, you know, some
pretty tough circumstances this year. So big shout out

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to the entire deBanked team, Sean, under your
leadership and special thanks to Janene and Gigi for

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their constant unwavering support. On the sponsor side,
you guys truly are the best. Just for some context,

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everyone, I'm coming to you live, from Bethesda,
Maryland, working from home, just outside our nation's

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capital, Washington, DC, hence the flag behind me. And
you know, before I get into a few topics that I'd like

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to cover. I would like to introduce myself. And you
know, for those of you who don't know me yet and aren't

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familiar with my role Rapid. So again, my name is Devin
Delany. I'm the Director of Business Development with

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Rapid Finance. I've been with Rapid just over 14 years,
May 30, 2006, it was a Tuesday who's counting. I spent

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nine years in partner sales, and then transitioned into
sales leadership, both leading a new origination team,

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and then ultimately running the renewal retention
department. I started assisting with the BD leadership

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team about two years ago, and then came on full time
about a year ago, this time last year. And under the

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spectacular leadership of our phenomenal Chief Revenue
Officer, Mark Cerminaro. I'm tasked with coordinating

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the execution and strategy around Rapid's partnerships,
from the one person shop to smaller ISOs, to large

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marketplace partners, even national brands. I'd like to
answer a few direct questions from the audience. Before

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I do, so I'd like to kind of cover a few topics, we'll
get into, you know, what Rapid was like pre COVID. What

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were you know, our response to COVID was, what we were
doing during this, you know, last few months, opening

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up new and renewal funding, as well as, you know, kind
of getting into some of our goals and plans. So, that

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being said, let's start pre COVID. So Rapid was on an
absolute tear, pre COVID, we were significantly growing

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the top line in the balance sheet as well as the bottom
line. You know, for four years, we were averaging 50%

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year over year growth in originations year after year
after year after year. And during that time, you know,

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we felt a big capacity strain. Because with that
growth, you got to keep up with it. But, you know,

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fortunate for us, especially over the last couple
years, you know, our customer and partner experiences,

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you know, not only did not suffer, but we actually were
able to improve those along the way. And the reason we

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were able to do that is because, you know, we found
ourselves you know, as a business organization, finally

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realizing those hard fought gains that we had been
working on so long in terms of retooling, refactoring,

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rethinking to find better ways. And it really panned
out for us, especially in terms of just processing

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paper the right way, in a quick way. And it really
voted well. So, you know, last but not least, we were

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seeing loss rates, where we wanted them to be we
trusted our risk model. We put a lot into it. We leaned

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in there, and it was working for us, you know, pre
COVID, we saw handfuls of team members being hired in

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both our Bethesda site, and Detroit site month over
month. So needless to say things weren't just good.

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They were great. And then all of a sudden, this
pandemic hit. So that changes things with that we had

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to adapt. And our response to COVID was pretty similar
to what I would imagine everyone, you know, listening

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to this call with their business organizations were
experiencing themselves. First things first, safety

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first, you know, we wanted to take care of our clients,
partners and team members. Do the right thing.

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Obviously, we transition to work from home. We had some
essential people stay a little longer. But that didn't

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really faze us. We executed our continuity of business
plan very well. And we shifted into a mindset of Okay,

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who the heck knows what's going on? Let's just do the
right thing by our clients and try to figure out

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getting them the best information possible. Outreaching
to them to figure out, do they need, you know, hardship

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plan to be put in place, you know, work out, if you
will. And that was successful. We stood up a resource

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site to give good information and a world of
misinformation in terms of state and federal funding

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programs, as well as independent grants. So we were
able to pivot and do that pretty quickly. You know, we

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looked, we looked at it in more than just a one
dimensional way. Rapid has always thought of partners,

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sounds hokey, but certainly true, as our clients as
well. So we not only outreach to clients to try to get

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them funneled to the right site for EIDL, giving them
the right information, just being a helpful hand doing

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the right thing again, but we did that for partners as
well, you know, our broker partners, specifically are

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small business owners and entrepreneurs. So we just
felt like that was the right thing to do. You know, of

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course, we invested in the PPP plan, and directly
customers they're on took care of that was successful

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there. But fortunate enough with our team members,
throughout COVID, both in our Bethesda site and our

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Detroit site, we have not had to layoff one employee,
we have not had to furlough one employee, which is

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certainly a proud fact for us. As far as next steps, so
renewals, we are successfully funding renewals, chunks

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and chunks of renewals are going out the door more and
more each day, which is a pretty happy thing to see.

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Guidelines are tight, it's very hard to determine risk
right now. You know, we're not shy about that, or it's

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clear to all of us. But we're looking to expand that.
And you will start seeing some of your deals get

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signed, submitted to underwriting be evaluated,
hopefully funded. We didn't change any of the

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commisions as for our renewal products. And we have
from what I understand, we don't intend to at this

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time. For new deals, we're looking to open that up
soon, if you saw the Great Debate, my Chairman and Co

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Founder Jeremy Brown, was mentioning that we're going
to be looking to open up and retooling new funding,

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hopefully later this month. And he said that if you
hadn't heard from Rapids BD department, you will be

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soon. And that certainly is true. So once we have a
better idea of guidelines, which we just don't have

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right now, because we're still evaluating, still trying
to figure that out, we will certainly be in contact and

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we look forward to working with you. The last thing
Rapid wants to do is have a false start in terms of

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funding new deals, the next six months are going to be
pretty uncertain, with second wave potential, uncertain

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vaccine, you know, uncertainty on the vaccine front.
And ultimately, we have also a presidential election.

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So there's going to be a rocky road. But we're
certainly prepared for that journey. And we're well

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positioned to do so. it's not a when, or excuse me,
it's not an if, it's just a when in terms, we come back

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for new funding. Let me talk a little bit about
partnerships specifically. And then kind of our goals

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for post COVID. And then we can turn it over for
questions. Broker partnerships. So the success of Rapid

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in the recent past has been built on partnerships,
specifically, but mainly Broker partnerships. So that's

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a model that we like. And that's a model that we want
to continue to work with short term and the very long

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term. What I will say is that obviously we know things
are going to be different. We just want to be

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transparent about what we can do mean what we say, say
what we mean. So we don't waste your time, your effort,

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your resources. But we really look forward to getting
back in the broker market on a wide scale. Strategic

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partnerships. We've been successful there and we're
going to be open and able to work with strategic

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partnerships. From the Broker side we have a 25 person,
partner sales team that's well equipped to handle

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significant volume. And just like that, on the Broker
side, we have that same capacity on the strategic

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partnership side. So we think that we're very well
positioned to get through this rocky time. A few things

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that you can count on is that we will be funding new
deals soon. With partnerships. We will be looking to

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grow originations month over month in a smart and
conservative way. You know, we will be looking to

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expand products when it makes sense that was something
that we were Looking heavily into prior to COVID. And

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we're going to be putting a lot, a lot of investment
from the development side into our partner portal,

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existing partner portal, which isn't too shabby at this
current moment, but it's only going to get better. And

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as soon as we get through the immediate short term,
we'll be looking to reinvest into that. So with that,

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that's my spiel. I'd love to field any questions. I
know it's later in the day. Hopefully, some of our west

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coast partners are still engaged here. I know it's
happy hour time, but you know, if there's questions,

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I'd love to field them and see if I could give you some
insights of things that you guys are wondering about.

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Cindy, do we have any questions?

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Moderator: We don't have any questions right now. If
anybody has any questions that they could put directly

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in the chat? We'll give you a few seconds.

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Devin Delany: Yeah, I don't see any? I mean, I know
it's already happy hour. So

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Moderator: yeah, everybody's probably having a drink in
their hands right now. All right. Oh, here we go. Shawn

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Smith says great job. For Shawn, are you looking at
what's happening with OnDeck?

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Devin Delany: Yeah, yeah, we are Shawn. So good
question. Um, we've worked with OnDeck and we continue

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to work with OnDeck. So and we know that a lot of folks
over there and respect those guys and gals. We are very

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similar to OnDeck and a lot of ways and dissimilar and
others. It's interesting because we were going down a

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path of automation. Similar to their online checkout.
We were almost branded it more as a an auto checkout,

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meaning that when you get the list of items, it just
funds. So like the time horizon between submitting

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everything and funding is immediate. Oh, we still think
that there's a significant opportunity in automation.

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Because a lot of the underwriting just once once you
get it done, if you trust your underwriting, and you've

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seen past success there and you continue to maintain
kind of a manual review model at some point in your

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process doesn't have to be a deep dive into everything,
then you can find quickly and efficiently. In terms of

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like their securitization, and the stock price and, and
their guidance, yeah, we're looking at everything

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there. And we were like I said, pre COVID, we were
expanding our balance sheet pretty significantly. And

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it was a it was a terrible time for us to experience
this pandemic, because of the size that we had been

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booked, been booking. But our portfolio has bounced
back in phenomenal ways. The hurt wasn't as bad as we

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thought it was going to be. And the recovery has been
pretty tremendous. So we're excited there.

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Moderator: Okay, we have one more question from Jay
Shaw. How are you guys accounting for revenue changes

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in future underwriting?

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Devin Delany: So it's not quite nailed down yet, Jay.
You know, we're certainly one of the one, we certainly

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want to look at more activity, in terms of like the
last three months specifically, probably won't cut it,

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like it used to, we're discounting the revenue. We're
obviously less inclined to work with fun businesses

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right now that have like severe drop offs. So we're
looking at maybe a cut there. We're looking to fund in

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50 states. And we're looking to look at all industries.
However, as my Chairman and Co-founder Jeremy Brown

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mentioned in the Great Debate call that we want to be
clear with what we want to our partners, and we simply

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don't have that yet. But it won't be long until we get
it. So I'm, I'm excited at the opportunity that will

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turn back on as quickly as we turned off on March 18,
2020. Date I won't forget, but it's just too early to

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tell.

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Moderator: Okay, um, Shawn just wrote, does what just
happened mean that some level of manual underwriting

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will always have to exist that will never be able to
totally turn over the reins to automation?

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Devin Delany: Yes, and so Rapid has historically, Shawn
had manual underwriting and a lot of what we do. It's

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been quick. I mean, we literally the term that we use
internally is streamline underwriting for what we feel

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are low risk files. And the streamline under is a
cursory review to look for fraud flags and things like

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that. Most of those go through pretty easily. We're not
going to divorce from streamline underwriting, even in

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a post COVID environment, but there's still manual
review there. For streamline underwriting deals that

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funded, most of our partners wouldn't even feel that
because it was so seamless. You know, Rapid historical,

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I've been there, you know, 14 years, and I've seen a
lot of different versions of Rapid and one thing that I

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respect and I'm proud of, with our firm is that we are
like, we do like to grow smart. And we do like to be

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conservative in some areas, I just think that's the way
to achieve longevity, and, and what, frankly, is a is a

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risky space. And that was proven to us by, you know,
the recent events in the past. So I think that you

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know, a little bit of manual underwriting if you're
staffed up, and you can do it quickly. If you can, you

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can do the things like ingest the paper and get all the
data done quickly, on the front end, that you can take

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a little bit more time on the back end, where it
matters more that I don't think it will be a painful

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experience for the broker and or client.

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Moderator: Good. I think that is all the questions that
we have so far. Anybody else wants to put anything on

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the chat? still have a little time?

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Devin Delany: Yeah. And, you know, again, just thank
you for all for listening. And please reach out to me

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directly or any of the other folks that you know,
rapid. We sincerely look forward to working with

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everyone again at scale, and be like a contributing
force here in our space. And it's, it's, it was very

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cool to to be the last, you know, rounding out this
last event. So thank you again to the deBanked team.

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eing virtual is pretty darn cool. And hopefully, you
now, we'll have a live conference here in the near

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uture when this pandemic gets under control.