More than half of independent businesses report their funding needs are unmet by traditional lending services currently available in the market
jaris, the leading private label and full-stack embedded lending solution in the US., announced it has partnered with HoneyBook, the leading platform for independent businesses to manage their client flow and cash flow to launch HoneyBook Capital.
As a result of the pandemic, entrepreneurship has exploded in the last two years, with more than 4 million new business applications filed through September of 2021. In addition, it is estimated that the freelance economy, composed of independent businesses, contract workers, and creators, will encompass more than 50 percent of the total US workforce by 2027. With the surge of entrepreneurship and new business applications, access to capital is essential to the success of this growing segment of the economy.
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jaris’ Credit-as-a-Service (CaaS) platform provides HoneyBook with a simple solution to leverage a complete infrastructure and offer branded financial services through its newly launched product, HoneyBook Capital. With jaris, HoneyBook Capital can provide its customers with quick access to capital, a streamlined and straightforward application process, and an easy single fixed-fee repayment structure.
“Cash flow is a major challenge for the freelance economy and independent businesses. Access to capital is critical to their success and longevity,” said Chris Aristides, founder and CEO of jaris. “We are honored that HoneyBook chose jaris as a partner in offering embedded financial services, and we look forward to working with HoneyBook to continuously innovate and provide creative financial solutions to their customer base.”
jaris’ unique ability to underwrite based on a HoneyBook customer’s business profile of both current and future transactions allows HoneyBook to best support the needs of its members with broader access to capital. jaris’ flexible underwriting model and customized financial solutions mean that independent businesses impacted most by COVID and disqualified by traditional lenders focused on historical data can still access capital for growth investment or short-term cash flow needs.
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“We are thrilled to partner with jaris and bring our members access to the capital they need to manage and grow their businesses. Early on, we saw the demand for financial products and services, and more specifically the ability to access capital faster and easier,” said Oz Alon, CEO of HoneyBook. “HoneyBook Capital meets this need and deepens our mission to help independent businesses be successful.”
The partnership with HoneyBook is the latest in a series of announcements for jaris, including its partnership with SpotOn to launch SpotOn Capital and its Series B financing.
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