Industry tech business MindBody has launched MindBody Capital, an offering designed to provide wellness businesses with easy access to funding.

"As we watched our industry overcome the pandemic, Mindbody dedicated our resources to support our customers with fee relief, advocacy efforts and enhanced educational resources. We knew we could do even more to help our customers recover and accelerate their growth as we exit the pandemic," said Josh McCarter, CEO of Mindbody and ClassPass.

"Almost a third of Mindbody customers plan to expand their business into more locations in the next 12 months. Supporting these businesses in funding their growth is just one of the many ways Mindbody Capital can help the wellness industry rebuild."

Mindbody statistics show the wellness industry is not only rebounding but expanding.

Data from ClassPass, part of the Mindbody portfolio, reveals that in-person reservations are up 27 percent since December 2021.

Additionally, February 2022 saw the most ClassPass reservations since February 2020. Looking to the future, 55 per cent of Mindbody fitness customers estimate that attendance will be back to 100 per cent of pre-pandemic levels by December 2022.

Now, Mindbody customers can take advantage of Mindbody Capital – powered by fintech solutions company Parafin – directly through the Mindbody software.

Businesses that participate in Mindbody Capital receive non-recourse financing with a one-time capital fee.

Additionally, funding provided through Mindbody Capital is paid back based on a flat percentage of future sales with no minimum payments.

"When I had the idea to found Yoga London, I knew one of my largest barriers would be funding the operation while I introduced the concept to my community,” said Favad Malik, founder of Yoga London.

“I chose to fund my business through Mindbody Capital because of its ease, accessibility and efficiency. Rather than a lengthy process required by traditional funding options, Mindbody Capital presented me with a reliable, pre-approved offer that could be funded as soon as the next day.

"This access to capital has been game-changing in helping my business thrive through the ability to expand as needed, run day-to-day operations and deploy creative strategies."