Kabbage Extends Lending Reach with New Kabbage Card

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Customers Now Have the Power and Security of Kabbage Funds in Their Wallet

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By putting funding directly in our customers’ hands, we continue to provide the most innovative platform in the market, serving our customers with unparalleled convenience and flexibility.

Kabbage Inc., the leading online provider of small business loans, announced today the launch of the Kabbage Card, which gives businesses the ability to pay for items at the point of sale with a purchasing card tied to their Kabbage account. The new product extension allows customers to use their available Kabbage funds and pay for items with the ease of a card. This is the first time that an online lender has extended its product to the physical point of sale to bring the convenience of the Kabbage online experience to the bricks and mortar world.

The Kabbage Card can be used for any transaction at physical or online businesses that accept MasterCard, giving Kabbage customers unmatched accessibility. Customers can use the card to pay for office equipment, inventory or anything else they need to run and grow their business. Swiping the Kabbage Card immediately deducts the amount from the customer's available funds. Best of all, customers no longer need to transfer funds to their PayPal or business checking account to pay with Kabbage.

“Today’s announcement demonstrates our ability to continually expand our technology leadership, create new, groundbreaking products and lead our industry in reinventing lending,” said Jason Dell, head of product for Kabbage. “By putting funding directly in our customers’ hands, we continue to provide the most innovative platform in the market, serving our customers with unparalleled convenience and flexibility.”

The new Kabbage Card builds on a broader Kabbage initiative to make capital available to businesses anytime, anywhere. The first step of that initiative was the launch of Kabbage mobile in 2014, which established the only app in the industry that allows businesses to access funds on-the-go from their mobile device. The new Kabbage card will further extend the Kabbage Platform to serve customers at every point where they need funding. The card is processed by Marqeta, the open-API based payment innovation platform.

About Kabbage Inc.

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 using the same 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.

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Ann Noder
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