Vagaro, a leading comprehensive business management platform for the beauty, wellness, and fitness industries has officially launched a partnership with Liberis, a leading global embedded business finance platform, to offer revenue-based finance to more than 220,000 service providers.
This product, known as Vagaro Capital, is designed to help small businesses by leveraging the funding needed to grow. Revenue-based finance is an alternative finance product where eligible merchants can receive an advanced sum of money with the stipulation, they will pay back the sum in addition to a pre-agreed fee. Over $4 million in funding has been provided to over 300 merchants within the first month of launching.
Merchants can complete a quick approval and underwriting process and receive the funds within hours of applying. The entire process is managed within Vagaro’s ecosystem. It offers fixed-cost financing with flexible payment terms – allowing business owners to access the funds they need when they’re needed in just 4 clicks. Plans to expand this offering into the UK market are already underway.
Fred Helou, CEO of Vagaro, says: “Our team is excited to witness the future expansion of our businesses, made possible by the financial flexibility provided by Vagaro Capital. It’s always beyond rewarding to see our business owners able to achieve their business growth goals.”
Rob Straathof, CEO of Liberis, commented: “We are thrilled to help Vagaro’s merchants further grow their businesses. As an embedded offering, Vagaro’s customers obtain access to personalised finance, whenever they need it and for the right opportunities, helping their businesses grow faster.”
Vagaro has helped its businesses book more than 600 million appointments and has processed over $15 billion in payments. The company, which was founded on a strong customer-first principle, continues to nurture its vested interest in the success of its users by consistently implementing solutions to help businesses grow.
In November last year, Vagaro introduced Vagaro Pay Later, which offers higher conversion rates and a higher average ticket value for businesses and more flexible payment options for consumers.
Liberis has funded almost $1bn in over 55,000 transactions and customers give Liberis’ innovative funding a 4.9 out of 5 stars rating on Trustpilot saying that the financing received helped them grow by allowing them to invest in marketing, product development, and infrastructure upgrades. Alongside Barclays and BCI Finance, Liberis is backed by investors including UK-based venture builder Blenheim Chalcot and US-based growth investor FTV Capital.