Atlanta, GA (PRWEB) August 20, 2013
Kabbage, Inc., the leading online provider of working capital for small businesses, and Stripe, the company that enables businesses to instantly accept credit card payments online, announced today that Kabbage can now underwrite Stripe customers based exclusively on Stripe’s payment processing data.
"We are thrilled to offer funding to tens of thousands of Stripe customers including their core of app developers, e-commerce merchants, and other services businesses," said Marc Gorlin, Kabbage Co-Founder and Chairman. "Both Kabbage and Stripe are dedicated to powering growth for small businesses. Together the two companies will provide small businesses with a streamlined, soup-to-nuts solution to run a business online.”
Kabbage is the first and only company to underwrite Stripe businesses based on their payment processing data. Over the last 6 months, Kabbage has also launched underwriting and distribution partnerships with Intuit’s QuickBooks and other partners to expand its underwriting platform and serve more small businesses.
“Kabbage is using Stripe data in a truly creative way, looking at a seller's business history and making an instant financing decision. There's no manual work required by the seller: simply connect Kabbage to a Stripe account in seconds, and receive the financing necessary to grow a business. It's quite magical," said John Collison, Co-Founder and President of Stripe.
Kabbage, Inc., headquartered in Atlanta, has pioneered the first financial services data and technology platform to provide small businesses financing in fewer than 7 minutes. Kabbage leverages data generated through business activity such as online sales, shipping, and dozens of other sources to understand performance and deliver fast, flexible funding in real time. Kabbage is venture funded and backed by Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, with additional investors including: Ron Conway’s SV Angel, David Bonderman, founder of TPG Capital, Warren Stephens, CEO of Stephens Inc., Western Technology Investment, H. Barton Asset Management, and TriplePoint Ventures. For more information, please visit http://www.kabbage.com and follow the company on Facebook and Twitter.
Stripe is the best way to accept credit card payments on websites and in mobile apps. Stripe's APIs are flexible enough to support almost any payment experience; behind the scenes, Stripe takes care of the heavy lifting, from security to daily deposits to your bank account. Stripe powers payments for thousands of businesses of every size—from start-ups to Fortune 50 companies. Stripe's investors include PayPal co-founders Peter Thiel, Max Levchin, and Elon Musk, Sequoia Capital and Andreessen Horowitz.