Mindbody, a leading experience technology platform for the wellness industry, recently announced the launch of 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. We knew we could do even more to help our customers recover and accelerate their growth as we exit the pandemic," said Josh McCarter, CEO of Mindbody and ClassPass. "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 trusted 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, making it an offering unlike any other on the market. 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. 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," said Favad Malik, Founder of Yoga London. "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."
For more details about Mindbody Capital, visit https://www.mindbodyonline.com/business/capital.
About Mindbody: Mindbody is a leading experience technology platform for the fitness, wellness, and beauty industries. With the addition of ClassPass, the leading global fitness and wellness membership, to the Mindbody portfolio, consumers and wellness businesses around the world are easily connected through a rich wellness community. Fitness studios, salons, spas, and integrative health centers—from the newest entrepreneurs to the largest franchises—use Mindbody's integrated software and payments platform to run, market, and grow their businesses. Consumers use Mindbody and ClassPass to choose from a broad range of wellness experiences across thousands of gyms, exercise studios and wellness providers around the globe. For more information on how Mindbody is helping people lead healthier, happier lives by connecting the world to wellness, visit mindbodyonline.com.
For reprint and licensing requests for this article, Click here.