XPRS Capital Africa to Bridge SME Funding Gap
XPRS Capital Africa has opened its doors in South Africa in response to the increased demand for reliable and easily accessible capital.
XPRS Capital Africa, a specialist business funding provider, is geared towards rapidly vetting and approving short-term business funding ranging from R50,000 to R500,000. In addition, XPRS Capital Africa specialises in extending funding to SMEs that may not qualify for funding from traditional lenders.
“XPRS Capital was founded in the US in 2013. The company is a well renowned and established alternative online business to business lender operating in the US. Together with a team of data scientists and using thousands of data points, XPRS Capital has developed a proprietary credit vetting algorithm and packaged product set,” says Simon Leps, CEO of XPRS Capital Africa.
“The technology and approval processes developed by XPRS Capital has a massively successful track record overseas and the experience that our company has gained over the years will help many more SMEs in South Africa to reach their potential.”
“The XPRS platform has processed over $1b worth of loans and has a proven track record of funding thousands of businesses across hundreds of industries,” says Leps.
He adds that the company’s sophisticated algorithm allows XPRS Capital Africa to provide funding to many SMEs that are usually denied loans on the basis that their owners have less than ideal credit records. “Traditional lenders are often reluctant to lend capital to SME owners whose credit histories place them in higher risk categories. This has created a massive challenge for many promising SMEs. At XPRS Capital Africa, we focus on the health of the SME, and use state-of-the-art technology to provide businesses the cash flow they need to grow and flourish.”
“Using the unique algorithm that we have optimised for the South African market, we are able to accurately assess any SME that has been in business for over a year, to rapidly provide a 6- to 12-month funding solution. The online application only takes 10 minutes, allowing SME owners to spend less time filling in forms for funding, and more time on their business.”
XPRS Capital Africa provides funding directly, working closely with SMEs to offer the fastest approvals, best possible repayment terms and most accurate risk profiles for any business. “Cash flow is the lifeblood of every single business. Our mission is to provide this quickly, affordably and reliably,” Leps concludes.