Xplor Technologies, a global platform combining SaaS solutions and embedded payments, launched 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 access to capital.
Xplor Capital is powered by Parafin, a venture capital-based platform designed to eliminate 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 that 71 percent of small business owners reported inflationary pressures increasing over the past three months, and 77 percent expressed concerns 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 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.
