Glofox deploys Stripe Capital to offer financing to gyms and accelerate growth of the fitness industry
With Stripe Capital, Glofox becomes the first provider to offer gyms and fitness studios instant access to financing.
As gyms reopen, Stripe Terminal helps Glofox businesses unify online and in-person payments.
Glofox drives additional revenue for gyms by using Stripe to reduce declines by 21% and disputes by 10%.
SAN FRANCISCO—Glofox, a full business management software platform for the fitness industry, has expanded its partnership with Stripe. In addition to Stripe Connect, Glofox will now use Stripe Capital and Stripe Terminal to power thousands of fitness entrepreneurs around the world.
When the pandemic forced many gyms and fitness studios to close their doors, Stripe enabled Glofox businesses to rapidly pivot online as interest in streaming and at-home workouts surged globally. While the fitness industry at large lost more than $20 billion in revenue in 2020, Stripe and Glofox helped customers like SNAP Fitness, 9Round, and F45 retain 85% of their member revenue by adding online workouts and on-demand content.
Fifteen months into the pandemic, Glofox is once again turning to Stripe for new ways to support gyms and fitness studios through the next phase of online and offline workouts.
Glofox offers Stripe-powered financing to help gyms adapt and grow
As lockdowns ease, cash flow is as important as ever for fitness entrepreneurs and studio owners aiming to grow and scale their business. With Stripe Capital, Glofox is now offering flexible financing to allow businesses to invest in their expansion—whether that’s buying new equipment, growing their staff, or upgrading their in-studio experience. There’s no lengthy application process—eligible businesses can access funds almost instantly, and repay the amount with a fixed percentage of daily sales.
“As the fitness industry bounces back, we’re the first provider to offer embedded financing to our customers. Stripe enables us to implement and launch these capabilities quickly so that we can support our customers to re-invest as they relaunch their businesses,” commented Glofox CEO Conor O’Loughlin.
By giving gyms access to fast, flexible financing, Stripe Capital will provide a powerful growth opportunity for businesses on Glofox, particularly as they welcome members back into their spaces.
“With Stripe Capital, Glofox is able to provide thousands of gyms and fitness studios with near-instant access to capital, helping them reopen as quickly and smoothly as possible,” commented James Dyett, Head of Global Product Sales and Payments Performance at Stripe. “I, for one, have missed in-person classes, so I’m personally very excited about this!”
Glofox adds seamless in-person payments
While global lockdowns caused a shift to online workouts, gym-goers around the world are eager to return to in-person training. Insights from Glofox’s in-house data demonstrate this is already in motion. Bookings have risen to 140% of pre-pandemic levels, with offline workouts making up 94%.
To make it easier for businesses to offer an omnichannel experience, Glofox has deployed Stripe Terminal in the US and Canada (with five more countries coming soon). Terminal gives gyms and fitness studios a simple way to set up modern EMV card readers and help customers check out with ease. Businesses then have a unified view of payments made in person via Terminal and online via their website or app.