The past year has been an incredible period of growth at Kabbage, as we nearly tripled our business across every dimension
Atlanta, GA (PRWEB) February 03, 2015
Kabbage Inc., the leading online provider of small business loans, is now funding more than $3 million per day to the nation’s economic backbone. Today’s news comes less than a year after Kabbage announced funding $1 million per day to small businesses, and just five months after doubling that milestone to $2 million per day.
Kabbage’s growth has been driven by the power of its automated, continuous underwriting platform combined with its unprecedented success expanding to serve larger businesses. In the past two years, Kabbage has grown from primarily serving ecommerce merchants to all businesses across more than 100 different categories. Today, 70% of all new Kabbage customers operate brick and mortar or services businesses, compared to less than 5% two years ago.
In addition to expanding its market, the company’s data-driven, persistent underwriting platform enables Kabbage to grow with its customers. The company’s underwriting platform automatically adjusts line sizes to deliver precisely the right funding amount for that customer and industry at every point in time.
“The past year has been an incredible period of growth at Kabbage, as we nearly tripled our business across every dimension,” said Kathryn Petralia, Kabbage co-founder and COO. “We are proud to be the fastest growing small business finance company in history, and are especially proud that we are delivering on our promise to make financing simple and accessible to businesses everywhere.”
Kabbage Inc., headquartered in Atlanta, Ga., has pioneered the first financial services data and technology platform to provide fully automated funding to small business in minutes. Kabbage leverages data generated through business activity such as accounting data, online sales, shipping and dozens of other sources to understand performance and deliver fast, flexible funding in real time. Through its Karrot brand Kabbage offers simple consumer loans through its automated platform. Kabbage is venture-funded and backed by SoftBank Capital, Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, TCW/Craton and additional investors, including Ron Conway’s SV Angel, David Bonderman, founder of TPG Capital, and Warren Stephens, CEO of Stephens Inc. All Kabbage and Karrot U.S.-based loans are made by Celtic Bank, a Utah-Chartered Industrial Bank, member FDIC. For more information, please visit http://www.kabbage.com and follow the company on Facebook and Twitter.