Xplor Capital, a new fintech solution, makes it easier for small-sized fitness and wellness businesses to access growth capital
Xplor Technologies has established Xplor Capital, a fintech arm designed to provide small businesses, including those in the fitness and wellness space, with easier access to capital.
The new financing solution provides companies that use Xplor’s SaaS products with integrated payment capabilities, such as Mariana Tek, its boutique fitness platform, with expanded financing eligibility based on sales volume from the Mariana Tek platform rather than credit. Mariana Tek currently serves thousands of fitness and wellness studios in the U.S., Canada and the U.K.
Although findings released earlier this year by Goldman Sachs showed that 75% of small business owners are optimistic despite inflationary pressures, 77% stated their concerns over their ability to access capital.
“Over the past two years, businesses have battled rising inflation and increased operating costs that have stifled growth,” said Michelle Van Horn, head of partnerships at Xplor Technologies. “With Xplor Capital, we’re looking to break down these barriers with a seamless lending experience that gives business owners access to the funding they need to accelerate their goals.”
Xplor Capital makes pre-approved offers ranging from $500 to $10 million, with repayment based on a fixed percentage and without late penalties or interest. Funds are accessible as soon as one business day following approval.
“Small businesses are used to seeing traditional, tiresome lending practices,” said Van Horn. “Lenders are typically focused on credit, and the interest rates are very high. We aim to empower businesses by providing access to growth capital efficiently and transparently.”
The capital can fuel fitness businesses by funding studio or gym remodeling or updates, opening a new location, purchasing new fitness equipment or amenities, or providing staff with certified training, Xplor notes.
Xplor Capital has already launched in the U.S. and plans to roll out across its product suite globally. Mariana Tek recently entered the U.K. market and partnered with 1Rebel, a London-based fitness brand. Over the next year, the platform plans to expand into Europe and Australasia.
Xplor Capital works similarly to Mindbody Capital, which launched in 2022 to help the fitness and wellness industry rebuild after the pandemic. Like Xplor Capital, Mindbody Capital is powered by Parafin, a fintech solution provider that also works with platforms such as Amazon and DoorDash. According to its website, Mindbody Capital is only available in the U.S.
