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.