FOR IMMEDIATE RELEASE
Wilmington, NC; February 2, 2022 – KWIPPED Inc. announced today that they have changed their name and will now do business as APPROVE. Launched in 2015, KWIPPED is a B2B equipment marketplace and e-commerce platform that enables businesses to efficiently rent, buy or finance a wide range of equipment from a network of participating equipment suppliers. The company developed a tech-enabled equipment finance solution, which was embedded into the KWIPPED platform.
“When we started offering financing on KWIPPED, we quickly realized the traditional equipment financing experience was cumbersome, inefficient and often ended in declined applications or outrageously high rates. So we built technology to streamline equipment financing transactions on our marketplace. Our equipment suppliers were so impressed with the approach, they asked us to make it available to them off-platform. Our new financing tech enables equipment suppliers to embed equipment financing at all of their points of sale and create a seamless and integrated payment solution for their customers. We call this product APPROVE, and we now have a massive opportunity to reimagine the $400 billion equipment finance industry,” said APPROVE CEO Robert Preville.
APPROVE’s platform is linked to a curated network of the nation’s top equipment finance companies that provide the funding. APPROVE finance applications are algorithmically matched to specific lenders identified as most likely to approve the application and to offer the lowest rates.
“In the B2B equipment buyer’s journey, financing is typically treated as an afterthought. We’re bringing financing to the forefront of that journey by embedding financing estimates linked to a digital application at every B2B point of sale, including: e-commerce product pages, custom quotes, brick-and-mortar stores, tradeshows and spec sheets using QR code technology. Our customers’ end users should never shop for an equipment product without knowing immediately that an affordable monthly payment option is available and one click away,” explained Preville.
The decision to change the name was motivated by the early explosive success of APPROVE.
Preville stated, “KWIPPED is a solid marketplace platform and a great foundation for us, but we see APPROVE as an opportunity to leverage our strengths as a technology company to carry the equipment finance industry into the future. We have a bold and exciting vision for what equipment finance can and should be, and now our new company name and brand are aligned with that vision.”
APPROVE is a SaaS solution that enables equipment manufacturers and distributors to integrate financing at every point of influence in an equipment buyer’s journey. APPROVE leverages a curated network of lenders and uses sophisticated technology to match customer finance applications with the ideal lending solutions. APPROVE was launched following the success of KWIPPED Inc., a technology company that maintains a B2B equipment marketplace where suppliers and lenders compete to serve the needs of equipment buyers. APPROVE is based in Wilmington, N.C.