Mindbody, an experience technology platform for the wellness industry, has launched Mindbody Capital, an offering specifically designed to provide wellness businesses with easy access to funding to power their operations however they see fit.
“As we watched our industry overcome the ups and downs of the pandemic, Mindbody dedicated our resources to supporting our customers with fee relief, advocacy efforts, and enhanced educational resources,” says Josh McCarter, CEO of Mindbody and ClassPass. “We knew we could do even more to help our customers recover and accelerate their growth as we exit the pandemic. Almost a third of Mindbody customers plan to expand their business into more locations in the next 12 months. Supporting these businesses in funding their growth is just one of the many ways Mindbody Capital can help the wellness industry rebuild.”
Statistics show the wellness industry is not only rebounding but expanding. Data from ClassPass, part of the Mindbody portfolio, reveals that in-person reservations are up 27 percent since December 2021. Additionally, February 2022 saw the most ClassPass reservations since February 2020. Looking to the future, 55 percent of Mindbody fitness customers estimate that attendance will be back to 100 percent of pre-pandemic levels by December 2022.
Mindbody customers can access and take advantage of Mindbody Capital, powered by fintech solutions company Parafin, directly through the Mindbody software. As a result of Mindbody’s strong relationship with its customers, businesses who participate in Mindbody Capital receive non-recourse financing with a one-time capital fee. Additionally, funding provided through Mindbody Capital is paid back based on a flat percentage of future sales with no minimum payments.
“When I had the idea to found Yoga London, I knew one of my largest barriers would be funding the operation while I introduced the concept to my community,” says founder Favad Malik. “I chose to fund my business through Mindbody Capital because of its ease, accessibility, and efficiency. Rather than a lengthy process required by traditional funding options, Mindbody Capital presented me with a reliable, pre-approved offer that could be funded as soon as the next day. This access to capital has been game-changing in helping my business thrive through the ability to expand as needed, run day-to-day operations, and deploy creative strategies.”
