This transaction further diversifies Kabbage’s committed sources of funding and prepares us to meet the escalating demand for capital access among small businesses...
ATLANTA (PRWEB) July 02, 2019
Kabbage, Inc., a data and technology company offering automated cash flow solutions to small businesses, closed a $200 million revolving credit facility to support its rapid growth providing U.S. small businesses access to flexible, online funding. Building upon the momentum of Kabbage’s record-setting $700 million securitization earlier this year, the new four-year credit facility provides the longest period of committed debt funding for the company. This demonstrates the market’s confidence in Kabbage and its automated underwriting technology to responsibly provide small businesses access to capital in minutes.
The senior tranche of the new dual-class transaction earned an A(sf) rating from a leading nationally recognized statistical rating organization. The debt capital commitment is provided by a subsidiary of a leading life insurance company, managed and administered by 20 Gates Management, and Atalaya Capital Management.
“This transaction further diversifies Kabbage’s committed sources of funding and prepares us to meet the escalating demand for capital access among small businesses,” said Kabbage Head of Capital Markets, Deepesh Jain. “2019 has proven to be a tide-shifting year as customers accessed more than $670 million from Kabbage in Q2 2019, well surpassing our previously set record last quarter.”
Kabbage provides small businesses access to lines of credit up to $250,000 by analyzing their real-time business data. With more than 2 million live data connections with its customers, the company provides small businesses access to capital in minutes. To-date, Kabbage has provided more than 185,000 U.S. small businesses access to over $7 billion in capital.
Kabbage, Inc., headquartered in Atlanta, has innovated a data and technology platform to provide small businesses automated cash flow solutions. Kabbage analyzes small businesses' real-time data such as online sales, banking information, shipping activity and dozens of other sources to understand performance and provide a fully-automated funding decision in minutes. Kabbage is funded and backed by leading investors, including the SoftBank Vision Fund, BlueRun Ventures, Mohr Davidow Ventures and others. All Kabbage U.S.-based loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. For more information, please visit http://www.kabbage.com.