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Xplor Technologies introduces financing solution for small businesses

By Delisha Fernandes

May 06, 2024

  • Embedded Payments
  • Financing Solution
  • Fintech news
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Xplor TechnologiesXplor Technologies, a global platform integrating SaaS solutions, embedded payments, and tools to help businesses, has launched Xplor Capital, a 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.

“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.

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 $1 million 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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