Developer docs
API playgroundTry for free, no card

Search company profiles

XS Financial

Full company profile

uuid0005bpj

Namestring
XS Financial
Legal namestring
XS Financial Inc.
Websiteurl
xsfinancial.com
Company typeenum
Private
Founded yearint
2017
Descriptiontext

XS Financial is a direct equipment lender founded in 2017 and headquartered in Los Angeles, California. The company provides tailored CAPEX and equipment financing to middle-market businesses, with disclosed specialization in serving legal U.S. cannabis operators—a vertical structurally underserved by traditional banks due to federal illegality. Financing tickets range from $1 million to over $75 million+, structured as direct loans or leases with amortization aligned to equipment useful life, an Equipment Line of Credit with no utilization fees, and scalable facilities up to 100% of equipment cost. The company employs 11–50 staff and operates a relationship-led, sales-driven origination model targeting industries including manufacturing, construction, mining, and cannabis.

The company operates two core revenue lines: (1) Equipment Financing—balance-sheet origination of leases and loans to end borrowers—and (2) Capital Markets—a platform offering third-party portfolio or transaction acquisitions and direct-lending partnerships with originators. Notable disclosed funding commitments include Curaleaf ($50 million), Ayr ($37.4 million), Columbia Care ($28.2 million), and PharmaCann ($21.5 million), collectively exceeding $136 million. Revenue is generated through interest and fees on these financing arrangements (transaction-fee economics), with bespoke, deal-by-deal pricing rather than standardized tiers.

Capital is sourced primarily through a senior credit facility with Needham Bank, scaled from $24 million (August 2022) to $54 million and then upsized to $70 million in June 2024 with maturity extended to June 2027. A $43.5 million private placement of unsecured convertible notes was completed in November 2021 to fund the cannabis equipment pipeline, with urban-gro participating. In September 2024, Mavik and Axar completed a take-private acquisition, transitioning XS Financial from founder- and investor-led ownership to private equity control. The company is a member of the Equipment Leasing and Finance Association (ELFA) and has been named among The Monitor's "101 Best Leasing Companies" for three consecutive years (2022–2024). The company was previously listed on the CNSX under ticker XSF prior to the take-private.

Short descriptiontext

XS Financial is a direct equipment lender providing $1M–$75M+ CAPEX financing and leases to U.S. middle-market businesses, with disclosed specialization in the legal cannabis industry, operated from Los Angeles and taken private in September 2024.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
11–50
akta.pro rankint
HeadquartersLos Angeles, United States
HQ citystring
Los Angeles
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Offices1 record

Each record includes

City, Country, Type, Description, Source

Keyword5 values
equipment financing, cannabis lending, CAPEX financing, equipment leasing, middle-market lending
NAICS code1 code
  • Credit Intermediation and Related Activities522
SIC code2 codes
  • Miscellaneous Business Credit Institution6159
  • Short-Term Business Credit Institutions6153
Product category
Equipment Financing
GTM motion1 record

Each record includes

Type, Description, Source

Revenue model2 records
1Equipment Financing
TypeTransaction Fee
Description

XS Financial generates revenue through equipment financing and leasing arrangements. They provide flexible term structures with payments aligned to the equipment's useful life, financing up to 100% of equipment costs. Their financing solutions are industry-agnostic and tailored to middle-market business needs.

xsfinancial.com
2Capital Markets
TypeTransaction Fee
Description

The Capital Markets platform offers third-party portfolio or transaction acquisitions, partnering with originators to structure direct lending solutions and provide strategic capital deployment across various industries and asset classes.

xsfinancial.com
Marketing channels3 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels2 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components4 values
Personnel, Operations, Marketing or Sales, Technology or R&D
Pricing details1 tier
1Customized equipment financing from $1MM to $75MM+
ModelOtherBilling cadenceMulti-year contract
Notes

Financing amounts range from $1 million to over $75 million. Terms are tailored based on the useful life of equipment. No utilization fees on equipment line of credit.

xsfinancial.com
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

XS Financial provides flexible equipment financing and CAPEX loans to middle-market businesses in the United States, with tailored term structures aligned to the useful life of equipment and financing sizes ranging from $1MM to $75MM+. Its Equipment Line of Credit carries no utilization fees and can finance up to 100% of equipment costs. The company also operates a Capital Markets platform that partners with direct originators and acquires third-party portfolios. While industry-agnostic, the company is particularly active in serving legal U.S. cannabis operators.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 2 values shown
  • Funding commitments to top customers: Curaleaf ($50M), Ayr ($37.4M), Columbia Care ($28.2M), PharmaCann ($21.5M)
+1 more record
Product overview1 text field

XS Financial offers two interconnected core products: Equipment Financing and Capital Markets. Equipment Financing provides flexible, tailored financing solutions for middle-market businesses seeking equipment and CAPEX funding, with offerings including Equipment Lines of Credit with no utilization fees and scalable financing up to 100% of equipment cost. Capital Markets complements Equipment Financing by enabling direct lending partnerships with originators and facilitating third-party portfolio acquisitions, allowing the company to mitigate risk while growing its business. Together, these products serve the middle-market segment across various industries including manufacturing, construction, mining, and cannabis.

Product and service1 record
1Equipment Financing
Scale indicator5 records

Each record includes

Type, Value, Description, Source

Partnership1 partner
Strategic tierMinorTypeOthers
Description

XS Financial is a proud member of the Equipment Leasing and Finance Association (ELFA), an industry organization that upholds the highest standards in the equipment financing industry.

Recent move6 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight5 records

Each record includes

Type, Description

Peers8 records
TypeDirect peer
Description

Direct equipment financing lender serving small and middle-market businesses across industries. Comparable in business model (direct-lender equipment financing with tailored term structures), though Balboa skews toward smaller ticket sizes and broader industry mix than XS Financial's capex-focused cannabis book.

2DLL
TypeBroad incumbent
Description

Global vendor and direct equipment finance provider serving agriculture, construction, transportation, and other verticals. Comparable equipment-finance capability set but with much broader geographic footprint, vendor-channel depth, and balance sheet scale than XS Financial.

TypeOthers
Description

Massachusetts-based community bank providing XS Financial's $70M credit facility. Not a direct competitor but a critical funding partner and infrastructure provider; comparable as a US commercial bank with equipment-finance exposure.

TypeBroad incumbent
Description

Large commercial bank with a substantial equipment finance franchise (formerly CIT). Overlaps with XS Financial in middle-market equipment financing but operates at much greater scale, with diversified deposit funding and broader industry coverage.

TypeDirect peer
Description

Externally managed specialty finance company that originates senior secured loans to state-licensed cannabis operators. Comparable as a cannabis-focused direct lender with institutional capital and a similar customer set, though AFC Gamma skews toward real-estate-secured credit rather than pure equipment.

TypeDirect peer
Description

Provider of capital solutions and equipment financing to small and mid-size businesses across the U.S. Comparable as a relationship-led, direct-lender equipment financier targeting the middle market, with similar sales-led GTM and customized term structures.

TypeDirect peer
Description

A cannabis-focused specialty finance and credit platform providing senior secured loans and equipment financing to U.S. cannabis operators. Closest direct peer to XS Financial given overlapping customer base, product set (capex/equipment financing), and cannabis-only mandate.

TypeDirect peer
Description

Specialty credit and equity vehicle focused on the cannabis ecosystem, providing debt and structured capital to operators and ancillary businesses. Comparable as a cannabis-specific capital provider competing for the same borrower relationships XS Financial serves.

Market position
Strengths5 records

Each record includes

Headline, Details, Source

Weaknesses5 records

Each record includes

Headline, Details, Source

Competitive moat4 records

Each record includes

Type, Details

Key risks5 records

Each record includes

Headline, Details, Source

Key highlights7 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers4 records

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment1 record

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile2 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles5 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
Compliance1 record

Each record includes

Name, Class, Description

Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds11 records

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors5 records

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment1 record

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

XS Financial

Equipment Financingxsfinancial.com

XS Financial is a direct equipment lender providing $1M–$75M+ CAPEX financing and leases to U.S. middle-market businesses, with disclosed specialization in the legal cannabis industry, operated from Los Angeles and taken private in September 2024.

What XS Financial does

XS Financial is a direct equipment lender founded in 2017 and headquartered in Los Angeles, California. The company provides tailored CAPEX and equipment financing to middle-market businesses, with disclosed specialization in serving legal U.S. cannabis operators—a vertical structurally underserved by traditional banks due to federal illegality. Financing tickets range from $1 million to over $75 million+, structured as direct loans or leases with amortization aligned to equipment useful life, an Equipment Line of Credit with no utilization fees, and scalable facilities up to 100% of equipment cost. The company employs 11–50 staff and operates a relationship-led, sales-driven origination model targeting industries including manufacturing, construction, mining, and cannabis.

The company operates two core revenue lines: (1) Equipment Financing—balance-sheet origination of leases and loans to end borrowers—and (2) Capital Markets—a platform offering third-party portfolio or transaction acquisitions and direct-lending partnerships with originators. Notable disclosed funding commitments include Curaleaf ($50 million), Ayr ($37.4 million), Columbia Care ($28.2 million), and PharmaCann ($21.5 million), collectively exceeding $136 million. Revenue is generated through interest and fees on these financing arrangements (transaction-fee economics), with bespoke, deal-by-deal pricing rather than standardized tiers.

Capital is sourced primarily through a senior credit facility with Needham Bank, scaled from $24 million (August 2022) to $54 million and then upsized to $70 million in June 2024 with maturity extended to June 2027. A $43.5 million private placement of unsecured convertible notes was completed in November 2021 to fund the cannabis equipment pipeline, with urban-gro participating. In September 2024, Mavik and Axar completed a take-private acquisition, transitioning XS Financial from founder- and investor-led ownership to private equity control. The company is a member of the Equipment Leasing and Finance Association (ELFA) and has been named among The Monitor's "101 Best Leasing Companies" for three consecutive years (2022–2024). The company was previously listed on the CNSX under ticker XSF prior to the take-private.

XS Financial firmographics

Firmographics
Name
XS Financial
Legal name
XS Financial Inc.
Website
https://xsfinancial.com
Company type
Private
Founded year
2017
Operating status
Operating
Headcount range
11–50 employees
Short description
XS Financial is a direct equipment lender providing $1M–$75M+ CAPEX financing and leases to U.S. middle-market businesses, with disclosed specialization in the legal cannabis industry, operated from Los Angeles and taken private in September 2024.
Ownership category
akta.pro rank

Where XS Financial is headquartered

Location

Headquarters

HQ city
Los Angeles
HQ country
United States
HQ region
North America

Offices1 record

Markets served

XS Financial business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

  1. Equipment Financing: XS Financial generates revenue through equipment financing and leasing arrangements. They provide flexible term structures with payments aligned to the equipment's useful life, financing up to 100% of equipment costs. Their financing solutions are industry-agnostic and tailored to middle-market business needs.
  2. Capital Markets: The Capital Markets platform offers third-party portfolio or transaction acquisitions, partnering with originators to structure direct lending solutions and provide strategic capital deployment across various industries and asset classes.

Pricing tiers

ModelBillingPrice
OtherMulti-year contractCustomized equipment financing from $1MM to $75MM+

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

XS Financial product offering

Product offering

Core offering

XS Financial provides flexible equipment financing and CAPEX loans to middle-market businesses in the United States, with tailored term structures aligned to the useful life of equipment and financing sizes ranging from $1MM to $75MM+. Its Equipment Line of Credit carries no utilization fees and can finance up to 100% of equipment costs. The company also operates a Capital Markets platform that partners with direct originators and acquires third-party portfolios. While industry-agnostic, the company is particularly active in serving legal U.S. cannabis operators.

Product overview

XS Financial offers two interconnected core products: Equipment Financing and Capital Markets. Equipment Financing provides flexible, tailored financing solutions for middle-market businesses seeking equipment and CAPEX funding, with offerings including Equipment Lines of Credit with no utilization fees and scalable financing up to 100% of equipment cost. Capital Markets complements Equipment Financing by enabling direct lending partnerships with originators and facilitating third-party portfolio acquisitions, allowing the company to mitigate risk while growing its business. Together, these products serve the middle-market segment across various industries including manufacturing, construction, mining, and cannabis.

Differentiator

Problem solved

Functional benefit

Products and services

  • Equipment Financing

Quantifiable outcome

  • Funding commitments to top customers: Curaleaf ($50M), Ayr ($37.4M), Columbia Care ($28.2M), PharmaCann ($21.5M)
  • +1 more outcomes

Companies that use XS Financial

Customer profile

Named customers4 records

Segments1 record

Ideal customer profiles2 records

XS Financial technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

XS Financial partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

  • Equipment Leasing and Finance Association (ELFA)minorOthersXS Financial is a proud member of the Equipment Leasing and Finance Association (ELFA), an industry organization that upholds the highest standards in the equipment financing industry.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

XS Financial competitors and assessment

Company assessment

Direct peers

  • Balboa Capital: Direct equipment financing lender serving small and middle-market businesses across industries. Comparable in business model (direct-lender equipment financing with tailored term structures), though Balboa skews toward smaller ticket sizes and broader industry mix than XS Financial's capex-focused cannabis book.
  • AFC Gamma: Externally managed specialty finance company that originates senior secured loans to state-licensed cannabis operators. Comparable as a cannabis-focused direct lender with institutional capital and a similar customer set, though AFC Gamma skews toward real-estate-secured credit rather than pure equipment.
  • Marlin Business Services: Provider of capital solutions and equipment financing to small and mid-size businesses across the U.S. Comparable as a relationship-led, direct-lender equipment financier targeting the middle market, with similar sales-led GTM and customized term structures.
  • Chicago Atlantic Group: A cannabis-focused specialty finance and credit platform providing senior secured loans and equipment financing to U.S. cannabis operators. Closest direct peer to XS Financial given overlapping customer base, product set (capex/equipment financing), and cannabis-only mandate.
  • Silver Spike Capital: Specialty credit and equity vehicle focused on the cannabis ecosystem, providing debt and structured capital to operators and ancillary businesses. Comparable as a cannabis-specific capital provider competing for the same borrower relationships XS Financial serves.

Broad incumbents

  • DLL: Global vendor and direct equipment finance provider serving agriculture, construction, transportation, and other verticals. Comparable equipment-finance capability set but with much broader geographic footprint, vendor-channel depth, and balance sheet scale than XS Financial.
  • First Citizens BancShares (CIT Group): Large commercial bank with a substantial equipment finance franchise (formerly CIT). Overlaps with XS Financial in middle-market equipment financing but operates at much greater scale, with diversified deposit funding and broader industry coverage.

Others

  • Needham Bank: Massachusetts-based community bank providing XS Financial's $70M credit facility. Not a direct competitor but a critical funding partner and infrastructure provider; comparable as a US commercial bank with equipment-finance exposure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

XS Financial social profiles

Digital presence

XS Financial compliance and trust

Trust signal

Compliance1 record

XS Financial financial estimates

Financial estimate

Revenue estimate

Valuation estimate

XS Financial leadership team

Management profile

Number of profiles

Profiles5 records

XS Financial funding detail

Funding detail

Funding overview

Funding rounds11 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

XS Financial M&A and investment

M&A and investment

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about XS Financial

What does XS Financial do?

XS Financial provides flexible equipment financing and CAPEX loans to middle-market businesses in the United States, with tailored term structures aligned to the useful life of equipment and financing sizes ranging from $1MM to $75MM+. Its Equipment Line of Credit carries no utilization fees and can finance up to 100% of equipment costs. The company also operates a Capital Markets platform that partners with direct originators and acquires third-party portfolios. While industry-agnostic, the company is particularly active in serving legal U.S. cannabis operators.

Is XS Financial a public or private company?

XS Financial is a private company. It is classified as private equity controlled and is currently operating.

When was XS Financial founded?

XS Financial was founded in 2017. It employs 11 to 50 people.

Where is XS Financial based?

XS Financial is headquartered in Los Angeles, United States, in the North America region.

How does XS Financial make money?

Two revenue lines are on record. Equipment Financing is the primary driver. The others are capital Markets.

Who are XS Financial's main competitors?

Direct peers on record are Balboa Capital, AFC Gamma, Marlin Business Services, Chicago Atlantic Group and Silver Spike Capital. Broad incumbents are DLL and First Citizens BancShares (CIT Group). Needham Bank is listed as an others.

Does XS Financial have an API?

No public API is recorded for XS Financial.

Unlock the full company data

50 free credits on sign-up, no credit card required.

Contact sales
Live signals
YahooXS Financial Taken Private by Mavik Capital and Axar CapitalXS Financial Inc. has closed an agreement to be taken private by Mavik Capital Management and Axar Capital Management. This transaction positions the company as a private entity, enabling it to leverage the investors' resources to scale its equipment financing platform and diversify offerings for middle-market U.S. businesses. The move is intended to capitalize on the growing demand for CAPEX financing within the trillion-dollar U.S. equipment finance industry.Stock TitanXS Financial Taken Private by Mavik Capital and Axar CapitalXS Financial Inc. has been taken private following the closing of an acquisition agreement by Mavik Capital Management and Axar Capital Management. The transaction involved the purchase of all outstanding shares for cash, resulting in the delisting of XS's shares from the Canadian Securities Exchange and OTCQB. This move positions the company to expand its equipment financing platform with increased flexibility and resources.YahooXS Financial Closes Amended $70 Million Secured Credit FacilityXS Financial Inc. has amended and upsized its credit facility from $54 million to $70 million with Needham Bank, which will now expire in June 2027. The company aims to leverage this facility to expand its portfolio of equipment leases for cannabis companies in the U.S. under favorable pricing and terms, highlighting its financial strength amidst a slowing capital environment.BenzingaXS Financial's Q3 Report Shows Consistent Growth With 108% YoY Increase In RevenueXS Financial Inc. reported a 108% year-over-year revenue increase to $2.1 million for Q3 2022, along with record monthly recurring payments of $2.4 million and its first quarter of positive net distributable earnings of $184,100. The company also reported significant growth in closed leases ($92.9 million) and gross lease receivables ($99.1 million), though it posted a net loss of $2.4 million. Looking ahead, XS Financial aims to double its customer base in 2023 while noting that capital markets remain challenged in the cannabis industry.New Cannabis VenturesXS Financial Closes $24 Million Credit Line With Needham Bank – New Cannabis VenturesXS Financial Inc. closed a new $24 million credit facility with Needham Bank, which committed $20 million as the administrative agent, while retiring existing lines of credit. The two-year loan, bearing interest at the Wall Street Journal Prime rate plus 1%, will be used to fund CAPEX and equipment leases for cannabis companies in the United States.New Cannabis VenturesCannabis Equipment Finance Company XS Financial Raises $43.5 Million – New Cannabis VenturesXS Financial completed a private placement of unsecured convertible notes totaling $43.5 million, led by a large institutional investor with participation from partners including urban-gro, Landrace Financial, Bengal Capital, and KEY Investment Partners. The net proceeds will be used to finance capital expenditures for existing customers and address the growing pipeline of credit-worthy cannabis operators in the United States.New Cannabis Venturesurban-gro invests $2.5 million in XS Financial Convertible Note Offering – New Cannabis Venturesurban-gro, Inc. announced its participation in a convertible note offering of XS Financial Inc., investing a total of $2.5 million. This investment aims to strengthen their strategic alliance, providing urban-gro clients with better access to capital financing solutions for equipment purchases in the cannabis industry. The initiative is expected to create additional revenue and margin opportunities for both companies.GlobeNewswireurban-gro, Inc. Launches its Financial Services Division and Enters into Strategic Partnership with XS Financial, the Cannabis Industry’s Leading CAPEX Financierurban-gro launched its Financial Services division and entered a strategic partnership with XS Financial to provide CAPEX financing for indoor CEA equipment. The deal gives XS Financial access to urban-gro's vendors and purchasing power, aiming to reduce supply chain delays. Both companies have a track record of financing equipment for shared MSO customers.