Venture-backed technology company Cents has unveiled a new lending arm – Cents Capital, which was created to facilitate low-interest loans for its customers. This new offering will help laundry owners grow their businesses, whether it be through expanding their footprints, retooling their stores, buying new card systems, or using working capital to expand operations.
With the launch of this lending service, Cents has made it easier to purchase, invest in, and grow a laundromat business. Different from other lenders, Cents can offer unique rates and terms due to its ability to value a business through its product usage, according to the company.
“At Cents, our core focus is to partner with our customers and create products and solutions that enable our operators to scale and succeed,” said Alexander Jekowsky, CEO and co-founder of Cents. “It’s about providing real value and optionality for our operators beyond just technology. Through Cents, and by utilizing our complete product line, operators can access capital more easily than relying exclusively on bank deposits and utility bills. Whether it’s $25,000 for a retool or a $1 million-plus development, Cents Capital is there to support our customers at a competitive and affordable rate.”
“Working with Cents Capital definitely helped streamline the acquisition of my card readers and equipment,” explained Steve Burk, owner of The Laundry Bin. “Being able to get everything in one place was much simpler, and their rates were competitive with other lenders as well. Next time I need funding, I know where I’ll be looking.”
Leveraging a network of capital providers, in-house technology, and financing, Cents Capital will provide clients with several options to meet their financing needs. As the product develops, laundry operators and distributors will have different ways to manage payments, track capital deployment, and access other banking-as-a-service products.
“Capital is a critical tool that we can offer to help supercharge our customers’ growth,” said Pablo Marvel, head of business development at Cents. “Our aim is to take your focus off of getting the loan and give you back all that time and money to invest elsewhere, for operators and distributors alike.”
Cents Capital is available to all owners, operators, and distributors, whether or not they use the Cents operating system. Cents will be offering discounts on its products for owners approved for a loan and who plan to use the capital to purchase a Cents product.
