Kabbage Funding More Than $5 Million per Day
Atlanta, GA (PRWEB) October 05, 2015 -- Kabbage Inc., the leading technology and data platform powering automated small business lending, is now extending more than $5 million per day to small businesses. The company achieved this milestone less than six months after reaching $3 million funded to businesses daily, and is set to triple its annual loan volume for the second year in a row.
Kabbage’s rapid growth trajectory is driven by its lending platform – the only fully automated technology platform in the industry. This platform allows the company to rapidly increase loan volumes with a much lower increase in marketing spend, headcount and other operating expenses than its peers. The company grew its loan volume by 60% from the first quarter of 2015 to the third quarter, while only increasing marketing spend by 34% during the same period.
“From the moment customers apply and are approved, to our servicing and ongoing delivery of the right amount of capital at the right time, the Kabbage lending platform allows us to offer small businesses a superior end-to-end user experience,” said Victoria Treyger, Kabbage chief revenue officer. “This platform has been instrumental in allowing us to scale rapidly by reaching more businesses faster and by driving strong repeat usage among our customers.”
About Kabbage Inc.
Kabbage Inc., headquartered in Atlanta, has pioneered the first financial services data and technology platform to provide fully automated funding to small businesses 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.
Ann Noder, Pitch Public Relations, http://pitchpublicrelations.com/, 480.263.1557, [email protected]
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