Wellhub added $18.8M to its credit fund for partner gyms and studios. Galapagos Capital manages the fund, and QI Tech serves as its administrator and custodian.
Wellhub connects employees with gyms, studios, wellness services, and fitness apps through corporate benefit plans. The company works with more than 45,000 partners in Brazil and 110,000 worldwide.
The fund offers loans backed by receivables that partners generate through Wellhub. Repayments are deducted from their payouts, and one third of Wellhub’s Brazilian partners already have access to a preapproved credit line.
Wellhub expects the new allocation to finance about 1,000 more partners. Wellhub also plans to expand the credit model to other countries while working with financial institutions rather than becoming one itself.
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