Homegrown and Square Partner on $24M Expansion Capital Program for Multi-Location Sellers

Quick Summary: Homegrown is partnering with Square to provide $24 million in committed expansion capital for eligible Square sellers with two or more locations. The deal shows how revenue-based financing is moving beyond generic working capital and becoming more specialized around specific business use cases like expansion, acquisitions, remodels, and platform-driven growth.

Homegrown and Square are launching a new expansion capital program for multi-location businesses, giving eligible Square sellers access to financing designed specifically for growth.

The pilot program includes $24 million in committed capital and is aimed at operators with two or more locations, including restaurants, coffee shops, fitness studios, beauty and wellness brands, retailers, and other brick-and-mortar businesses. Eligible businesses may access up to $1 million, with terms up to four years, monthly payments that flex with revenue, no personal guarantees, and no balloon payments.

That structure is important because expansion capital is not the same as emergency working capital. Opening a new location, acquiring another site, or remodeling an existing location requires more patient capital. Buildout costs, staffing, equipment, rent, permits, and marketing often come before the new location reaches stable revenue.

For many business owners, bank financing may be too slow or difficult to obtain, while equity financing can be expensive because it requires giving up ownership. Homegrown’s model is designed to sit in the middle: non-dilutive capital that adjusts with revenue and supports growth without forcing owners into a traditional loan box.

Key Points

• Homegrown and Square are launching a $24 million expansion capital pilot program.

• The program is available to eligible Square sellers with two or more locations.

• Financing can be used for new locations, acquisitions, and remodels.

• Eligible operators can access up to $1 million.

• Terms may extend up to four years.

• Monthly payments flex with revenue.

• The structure includes no personal guarantees and no balloon payments.

• The program is aimed at proven brick-and-mortar businesses

Why This Matters

Use Case	Example	What It Shows
Multi-location expansion	Homegrown + Square	RBF for proven brick-and-mortar sellers
Restaurant platform financing	Uber Eats + Pipe	Capital inside delivery/restaurant workflow
Payments ecosystem funding	Liberis + Elavon	Embedded funding through payment processors
Enterprise vendor financing	Capchase	Financing built into B2B software sales
Merchant ecosystem lending	Square / Shopify / PayPal	Funding based on platform transaction data

The bigger story is not just Homegrown and Square. It is how revenue-based financing is changing.

For years, revenue-based financing and merchant cash advances were mostly associated with fast working capital. A business needed money quickly, a funder reviewed cash flow, and repayment was tied to future sales or receivables.

That market still exists, but the category is evolving.

More platforms are now building financing around specific industries, sales channels, and business moments. Instead of offering one general funding product to everyone, companies are designing capital for defined use cases.

Homegrown and Square are focusing on multi-location expansion.

Uber Eats and Pipe created a restaurant financing program inside the Uber Eats platform.

Liberis and Elavon partnered on embedded funding through the payments ecosystem.

Capchase has been building vendor financing for enterprise technology companies.

Square, Shopify, and PayPal continue to scale merchant lending inside their own seller platforms.

The pattern is clear: financing is moving closer to the transaction data, the software platform, and the point where the business owner actually needs capital.

Why Square Is a Natural Fit

Square already has a strong position in small business finance because it sits directly inside the seller’s daily operations. It sees payments, revenue trends, seasonality, transaction volume, customer behavior, and business performance.

That gives Square and its financing partners a major advantage. Instead of relying only on tax returns or bank statements, platform data can help identify which sellers may be ready for growth.

The Homegrown partnership adds a more specialized layer to that ecosystem. Rather than only offering short-term working capital, Square can now help certain sellers access capital for larger growth events like opening another location or acquiring an existing one.

That is where embedded finance becomes powerful. The platform already has the relationship. The data already exists. The financing offer can be more relevant because it is tied to how the business is actually operating.

What It Means for Funders and Brokers

For funders, brokers, and fintech companies, this is another reminder that the market is evolving and becoming more specialized.

Generic funding offers are becoming less interesting compared with products built around a specific need.

A restaurant group opening its third location does not need the same structure as a contractor waiting on receivables, a SaaS company closing an enterprise deal, or a retailer preparing for seasonal inventory.

The next phase of revenue-based financing may be less about speed alone and more about fit.

That creates an opportunity for companies that can specialize by industry, platform, data source, or use case. Expansion capital, vendor financing, receivables-based funding, contractor financing, inventory funding, and embedded lending partnerships are all examples of where the market is heading.

The Bottom Line

For Square sellers, the use case is multi-location expansion. For the broader finance market, the message is bigger: the future of revenue-based financing may be built around specialized capital products that match the business model, the platform, and the reason the business needs funding in the first place.