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Xplor Capital launches in the US to help small businesses access funding

Xplor Capital launches lending service in the US to help small businesses
Fintech company, Parafin, is powering the service
Businesses using Xplor technology have increased funding eligibility
Funds can be available within one business day
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Xplor Technologies has unveiled a financing solution for small businesses, which aims to counter the traditional lending process and help business owners get swift access to cash.

“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.”

Since its launch three months ago in the US, more than US$1 million has been lent to studios for remodelling projects, opening new locations, adding new services and offerings, buying new equipment and training and hiring staff.

Businesses using Xplor Mariana Tek, FieldEdge by Xplor, Service Autopilot by Xplor or Xplor Spot’s embedded payments capabilities experience increased funding eligibility, with underwriting based on sales volume, instead of credit.

“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.”

With a streamlined application process, funds can be made available in as little as one business day following approval. Offers range from US$500 to US$10 million with repayment based on a fixed capital fee and no late fees or interest.

Currently the service is only available in the US, however the company has recently kicked off its international expansion, starting with the UK.

Xplor Capital is powered by a venture capital-based platform, Parafin, which also partnered with Mindbody on the the launch of Mindbody Capital. This service also provides fast and easy financing, with pre-approved offers and a streamlined application process. The loans are repaid as a percentage of daily sales, rather than a fixed monthly payment, which allows repayments to fluctuate along with business performance.

Xplor Technologies is a global platform integrating SaaS solutions, embedded payments, and tools to help businesses grow. It serves over 106,000 businesses operating across 20 markets, which processed more than US$37 billion in payments in 2023.

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Xplor Technologies has unveiled a financing solution for small businesses, which aims to counter the traditional lending process and help business owners get swift access to cash.
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