Xplor Technologies unveils Financing Solution for Small Businesses

The new product aims to counter traditional lending processes by getting funds into the hand of business owners more efficiently
PRNewswireApril 30, 20245 min

Xplor Technologies, a leading global platform combining SaaS solutions, embedded payments, and Commerce Accelerating Technologies for “everyday life” businesses, announced the launch of Xplor Capital, a streamlined fintech experience designed to increase access to capital for small businesses.

“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.”

Businesses using¬†Xplor Mariana Tek,¬†FieldEdge by Xplor,¬†Service Autopilot by Xplor¬†or¬†Xplor Spot’s embedded payments capabilities will experience increased funding eligibility with underwriting based on sales volume, instead of credit. Offers are also pre-approved, so customers will see their funding proposal immediately, allowing for quick and easy access to capital.

Xplor Capital is powered by¬†Parafin, a venture capital-based “capital as a service” platform that eliminates the hurdles of lengthy submission forms and extended waiting periods. The offers range from¬†$500¬†to¬†$10 million¬†with repayment based on a fixed capital fee with no late fees or interest.

The announcement comes as a recent study from Goldman Sachs revealed 71% of small business owners reported inflationary pressures increasing over the past three months, and 77% saying they are concerned about their ability to access business capital.

“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 Xplor Capital’s streamlined application process, funds are available in as little as one business day following approval. Business owners need to simply review their pre-approved offer, complete an identity verification, link their bank details, and then accept the offer if approved. In three months, Xplor Capital has provided over¬†$1M¬†in loans to eligible customers. These businesses have used the funds for marketing, new equipment, and expanding into new locations.

Xplor Capital is available for SMB and enterprise fitness studios; dry cleaners; lawn care; snow removal; plumbing; electrical; heating, ventilation, and air conditioning; appliance repair businesses; and other merchants facing capital needs. The program has already launched in¬†the United States¬†and will continue to roll out across Xplor Technologies’ range of vertical SaaS products globally.

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