XS Financial

XS Financial Inc., founded in 2017, is a specialty finance company that provides equipment financing solutions to middle-market businesses across various industries in the United States. Initially focused on serving the U.S. cannabis sector, the company has since expanded its services to a broader range of industries, particularly those with complex or underserved credit profiles. The company was co-founded by David Kivitz, who serves as CEO, and Antony Radbod, the COO. Kivitz's background includes co-founding and managing the Alta Verde Group, a real estate investment company, while Radbod previously co-founded Archytas Ventures, an investment firm providing structured financing.

XS Financial offers non-dilutive capital expenditure (CAPEX) financing, equipment leasing, sale-leasebacks, and purchasing solutions. The business model is built on providing flexible and tailored financing plans that allow clients to preserve working capital while acquiring essential-use equipment. The company partners with a network of over 250 original equipment manufacturers (OEMs) to deliver end-to-end solutions for its clients. Revenue is generated through financing income from its lease agreements. For the fiscal year 2023, the company reported revenues of $11.7 million.

In September 2024, XS Financial was taken private through an acquisition by Mavik Capital Management and Axar Capital Management. This strategic move was intended to provide the flexibility to scale the business, expand into new verticals, and capitalize on the growing demand for equipment financing without the constraints of public capital markets. Following the privatization, the company's shares were delisted from the Canadian Securities Exchange (CSE) and the OTCQB. In February 2025, the company upsized its line of credit to $100 million with Needham Bank and First Citizens Bank to fund further equipment leases.

Keywords: equipment financing, specialty finance, capital expenditure, CAPEX financing, equipment leasing, middle-market lending, non-dilutive financing, sale-leaseback, asset-based lending, corporate finance, direct lending, structured financing, cannabis industry financing, equipment procurement, B2B financial services, private credit, commercial lending, industrial equipment financing, manufacturing financing, processing equipment leasing