jaris Extends $350M In Loan Offers to Small and Midsized Businesses Through Partnership With SpotOn Capital
Eighty percent renewal rate on SpotOn Capital loans demonstrates that SMBs are eager for non-traditional access to capital
Burlingame, Calif. September 28, 2021 - jaris, the leading private label and full-stack embedded lending solution in the U.S., today announced it has extended over $350M in offers to small business clients through a partnership with SpotOn, a leader in software and payment solutions. Earlier this year, jaris joined forces with SpotOn to launch SpotOn Capital, enabling access to flexible and cost-effective capital for thousands of small businesses.
Small businesses account for 99.9 percent of all U.S. firms and about 44 percent of the total private-sector output of the economy. Yet, more than half of small businesses report their credit needs are unmet. Moreover, traditional access to capital for small businesses remains an outdated and inefficient system with complex barriers and regulations.
As an alternative to traditional loan options, SpotOn Capital has offered SMB owners fast, easy access to loans with a fixed fee and repay- as- you- earn method. The program has experienced significant volume growth and continued momentum since its launch in January 2021. Monthly loan origination has grown twenty times since its inception and continues to grow month over month. The program has proven incredibly effective for SpotOn clients who have a loan renewal rate of over 80 percent as they seek to continue growing their business.
“jaris is proud to partner with SpotOn to simplify the lending process and bring more capital to its small business clients,” said Chris Aristides, founder and CEO of jaris. “Small businesses suffered significantly more during the pandemic. Our ability to integrate quickly with SpotOn in a matter of just months meant SpotOn’s small business clients were able to access capital quickly when they needed it most. We look forward to continuing our partnership with SpotOn to facilitate creative financial solutions geared toward small businesses.
jaris’ CaaS platform provides SpotOn a simple solution to leverage a complete infrastructure and offer branded financial services to its clients through SpotOn Capital. Through jaris’ depth of credit structures, SpotOn Capital can reach many merchants and provide funds as soon as the next business day to invest in growth or solve short-term cash flow needs.
“By partnering with jaris, we’ve been able to offer our clients quick, simple, and ongoing access to capital that traditional financial institutions just can’t offer,” said RJ Horsley, Chief Operating Officer at SpotOn. “SpotOn Capital enables our clients to solve short-term cash flow gaps, grow their business, and invest to meet changing customer needs. For some clients, this capital has meant they were able to hire more staff, increase inventory, buy new equipment, and launch marketing campaigns.”
jaris continues to work closely with SpotOn as an extension of their team to develop customized loan products to support business owners as they adapt through challenging times. For example, after analyzing SpotOn’s client base to assess their capital needs, jaris implemented a new short-term loan solution to extend fast access to capital to even more clients at a time when they need it the most.
jaris is the leading partner-branded embedded financial services solution for payment-enabled software providers targeting small businesses. jaris has removed the complexity of accessing capital through a full-stack solution, paving the way for partners to get to market faster with competitive, high-value solutions. With a commitment to continuous innovation, jaris makes it simple for payment-enabled software companies to offer partner-branded financial services to small businesses, helping increase engagement, retention, and brand loyalty. For more information, visit jaris.io.
SpotOn is one of the fastest-growing software and payments companies with comprehensive, cloud-based technology for small, midsize, and enterprise businesses. Known for its rapid innovation and industry-leading customer service, SpotOn offers integrated solutions for commerce, digital marketing, growth and financing, operations, and workforce management. For more information, visit spoton.com.