Print
Technology

KWIPPED Launches Equipment Financing Software

By Johanna Cano, posted Jan 29, 2020
Screenshot of KWIPPED's website featuring APPROVE, a software financing solution for equipment lenders, buyers and sellers.
Wilmington's KWIPPED Inc. has launched a new product, APPROVE, a software tool that brings the online B2B equipment marketplace startup into the software as a service field.
 
APPROVE is an equipment financing solution that facilitates the financing process for marketplace equipment lenders, buyers and sellers, according to a news release.
 
The product was first developed for KWIPPED’s own use.
 
KWIPPED, which started out in the equipment rental space, began facilitating equipment financing between its marketplace customers and suppliers about a year ago and the process was ineffective, said Robin Salter, chief marketing officer with KWIPPED.
 
To solve this issue, the startup’s developers created a financing solution.
 
“So, we flipped the script. We recruited the nation’s top equipment finance companies into a lending network. Now they come to us and compete for the finance deals. Basically, we layered a lending network on top of our supplier network. Suppliers compete for the equipment deals and lenders compete to finance the deals,” Salter said.

“This worked so well on our (KWIPPED) marketplace, the suppliers started asking if they could use the same solution with their own direct customers. So, we bundled all the features of our marketplace solution together and branded it APPROVE. Now suppliers can leverage the power of our technology and the competitive lender network,” he added.

The product, offered as a $79 monthly subscription, allows buyers to submit a 60-second financing application directly from their quote, includes a network with 15 of the nation’s top equipment finance companies and runs on a dashboard-style communication and collaboration platform that enables equipment sellers, buyers and lenders to track and manage financing transactions from start to finish, according to the release.
 
With the new product, KWIPPED is entering a multibillion-dollar equipment financing technology market, Salter said.
 
“Financing of all B2B equipment and software is measured in trillions of dollars annually,” he said. “However, financing in the equipment markets we are focused on collectively generates about $400 billion annually.” 
 
Including the large market size, APPROVE has the potential to become the company’s largest revenue channel because it is solving a real problem and because it is provided as a SaaS offering, Salter said.

“63% of B2B equipment is financed, yet less than 10% of equipment suppliers proactive promote financing costs on quotes and at the point of sale,” Salter said. “This is a huge market gap that APPROVE fills very effectively.”

The product’s target market includes businesses that sell commercial or industrial equipment that costs more than $2,000.

“This could include small to mid-sized equipment sellers all the way up to large enterprise equipment companies,” Salter said. “Currently our most active users are equipment sellers in the restaurant, medical and laboratory markets.”
 
KWIPPED is a Wilmington-headquartered firm with an office at 228 N Front St. It received $1.3 million in funding in 2019.
 
“This equipment financing tech has proven itself to deliver a powerful competitive advantage that results in significant sales growth,” said Robert Preville, CEO of KWIPPED, in the release. 
 
(Preville and Rob Kaiser are part owners of KWIPPED. Preville is part owner of the Greater Wilmington Business Journal along with Kaiser, who is publisher of the Business Journal.)
Ico insights

INSIGHTS

SPONSORS' CONTENT
Burrus rob headshot 300x300

Coronavirus Analytics

Robert Burrus - Cameron School of Business - UNC-Wilmington
Robindavisccu1 1011944433

How Corning Credit Union Is Helping Its Communities

Robin Davis - Corning Credit Union (CCU)
Drewsmith copiersplus headshot

The Road Map To Secure And Economical Printing Practices

Drew Smith - Copiers Plus

Trending News

For County's $1.3M Small Business Grant Program, More Details Coming

Cece Nunn and Christina Haley O'Neal - May 29, 2020

Local Nursing Homes Work To Keep Residents Safe And Connected

Jenny Callison - May 29, 2020

In The Current Issue

In Beach Town, Waves Of Reopening

Business owners on Pleasure Island, which includes the New Hanover County towns of Carolina Beach and Kure Beach, share a measured enthusias...


WorkTok Aids Communication

One new Wilmington startup is trying to address those current workforce trends and increase employee/ employer interaction through its app,...


Stay-at-home Improvement

As hardware and other do-it-yourself (DIY) home improvement retailers and gardening supply stores begin to enter their busy season, they are...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WILMA Leadership Accelerator
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`