11 Jun 2021
Glofox to offer health clubs and studios 'instant access' to financing
BY Tom Walker
Glofox will begin offering health clubs, gyms and fitness studios instant access to financing, following a deal struck with Stripe Capital.
The club management software provider will use Stripe Capital to offer fitness businesses flexible financing and help them to bounce back from the pandemic.
The service will particularly look to assist businesses which are looking to grow and scale their operations – whether buying new equipment, growing their staff, or upgrading their in-studio experience.
According to Glofox CEO Conor O’Loughlin, eligible businesses can access funds almost instantly, and repay the amount with a fixed percentage of daily sales.
“As the fitness industry bounces back, we’re the first provider to offer embedded financing to our customers," O’Loughlin said.
"Stripe enables us to implement and launch these capabilities quickly so that we can support our customers to re-invest as they relaunch their businesses."
In 2020, Glofox launched a new digital platform, enabling gyms and health clubs to deliver live streaming and premium on-demand content.
The platform was provided to help Glofox's partner gyms to continue operating remotely and keep members engaged during the COVID-19 lockdown.
Alongside the launch of the new service in April 2020, Glofox revealed it had secured additional investment worth US$10m (€9.2m, £8m), bringing the total amount of funding the company has secured to date to US$23m (€21.2m, £18.5m).
Ireland-based startup Glofox was launched in 2014 and currently has partnerships with gyms in around 50 countries.
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