ATLANTA — Xplor Technologies, a global platform combining SaaS solutions, embedded payments, and Commerce Accelerating Technologies for businesses such as dry cleaners, reports it has launched Xplor Capital, a streamlined fintech product 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,” says 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.”
The company says that dry cleaners using 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 applicants 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 designed to eliminate the challenges of lengthy submission forms and extended waiting periods. The offers range from $500 to $10 million, Xplor Technologies says, with repayment based on a fixed capital fee with no late fees or interest.
The announcement comes as a recent Goldman Sachs study 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,” says 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, the company says that funds are available in as little as one business day following approval (all loans are issued by Celtic Bank and are subject to credit approval). During the process, business owners would review their pre-approved offer, complete an identity verification, link their bank details, and then accept the offer if approved.
Have a question or comment? E-mail our editor Dave Davis at [email protected].
