Access to this data provides Kabbage with unparalleled insights into the overall health and business cycles of our customers across every industry and geography...
Atlanta, GA (PRWEB) May 24, 2016
Kabbage, the leading financial technology and data platform, today announced that its business customers have securely connected more than one million data accounts to its seamless, fully-automated lending platform. Data sources include business revenue, vendor payments, tax and accounting data, and more. Kabbage’s real-time engine uses this key business information to automatically assign a line of credit. The credit line dynamically adjusts over time to provide small business owners with precisely the right amount of capital they need to grow.
Kabbage also announced today that it has originated $2 billion in SMB loans through the Kabbage Platform within five years of launching, and has expanded its offering to include 12-month duration loans.
“We are especially proud today of the trust our customers have placed in Kabbage. Our typical customer links three or more business accounts to Kabbage, which is a testament to the ease of use and security of our platform,” said Rob Frohwein, co-founder and CEO of Kabbage. “Access to this data provides Kabbage with unparalleled insights into the overall health and business cycles of our customers across every industry and geography. This enables us to offer exactly the right product at every point in the journey of the small business owner.”
Furthering the company’s commitment to empowering customers through data, Kabbage, along with other financial technology innovators, recently unveiled a joint initiative to advance small business online lending education and transparency to help small businesses make better borrowing decisions. Kabbage has over 75,000 small business customers across all 50 states in the U.S.
What Our Customers Have to Say
“Kabbage’s approach to looking at my information that already exists online makes so much sense,” said Shauna Sledge, founder of Paleo Ranch. “Navigating the website was incredibly simple. I couldn’t believe how easy it was to connect my bank account. I entered in my information once, and boom – I was granted access to a line of credit. I had to pinch myself!”
The Wet Shave Club
“The ease of the application process was astounding,” said Kevin Pereira, owner of the Wet Shave Club. “I was able to link all of my bank information and avoid the hassle of tracking down financial statements and scanning in documents. Kabbage reviewed our accounts and were able to look past how new we were to see our potential and how we were growing. They gave us a business loan right away.”
“Traditional banks really wouldn’t listen to what I had to say since I didn’t fit a traditional business mold. We had an upward trajectory, but looking at previous tax returns didn’t provide an accurate picture of our potential,” said Cristina Garza, owner of Accountingprose. “Kabbage was really straightforward and open-minded in reviewing my business. They considered the future of my business rather than just looking at the past.”
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. Kabbage is funded and backed by Reverence Capital Partners, SoftBank Capital, Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, ING, Santander InnoVentures, Scotiabank, 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.