Ya, it's a web-based service you sign up for.
You create a repository in your Springloops account. That holds all the versions of your code. I use tortoiseSVN on my laptop to grab a copy of the code, and, after I'm done working on it, the new version is sent back to Springloops.
Here's some stuff that explains it:
A Visual Guide to Version Control | BetterExplained Springloops Plantation Blog Archive 15 minute guide to the ultimate workflow