It takes most banks 8 weeks to deny a small business loan application
ATLANTA, GA (PRWEB) March 25, 2013
Kabbage, Inc., the leading online provider of small businesses financing, announced today that it took 1st place for Top B2B Innovation from PYMNTS.com, joining some of the world’s top brands including PayPal, Groupon, Starbucks, and Square as category winners. An expert panel of judges selected the winners through a rigorous process that identified the most innovative and disruptive companies. The judges, consisting of investors and industry leaders, focused on companies that are revolutionizing the way that products and services are delivered to customers.
PYMNTS.com selected Kabbage for its high-speed funding platform that uses real time connections to the tools and data sources that small businesses use every day, such as shipping, accounting, social media, ecommerce, payments, and other data, in order to deliver working capital to small businesses within 7 minutes. Kabbage is the fastest and simplest way for a small business to get access to the funds that drive business growth.
In addition to the awards recognition for industry leadership, over the last 9 months Kabbage also significantly expanded the number of data partners it works with and launched its offering to the UK in order to serve more small businesses. The company also established its West Coast presence with a San Francisco office, and expanded its management team with the addition of Simon Yoo as CFO.
“We firmly believe that it is our responsibility to set the industry standard for service to small businesses. It takes most banks 8 weeks to deny a small business loan application. We simply asked “Why not say ‘yes’ in 7 minutes?” said Kathryn Petralia, Kabbage Co-Founder and COO. “We are honored that the PYMNTS.com award recognizes the value of our unique, automated financing process that delivers the cash small businesses need to scale their businesses. However, our commitment to innovation doesn’t stop here. Expect even more from us in the next 12 months.”
In addition to today’s award, in the last nine months Kabbage has received Fast Company’s 10 Most Innovative Financial Companies of 2013, first place in VentureBeat’s ClouldBeat showdown, “Top 100 Private Company in North America” by Red Herring, and “Top 10 Innovator of the Year” by Bank Technology News. Last August, Kabbage took home PYMNTS.com prestigious Most Innovative award.
About Kabbage, Inc.:
Kabbage, Inc., headquartered in Atlanta, has pioneered the first financial services data and technology platform to provide funding to small businesses 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.