Kabbage Expands to Deliver Funding Using Square Transactional Data
Atlanta, GA (PRWEB) December 04, 2013 -- Kabbage, Inc., the leading online provider of working capital to small businesses, announced today it has expanded its data platform to fund businesses that use Square to process payments. Kabbage is the first and only company to underwrite and deliver funding based on businesses’ Square transaction data.
Kabbage has long admired how Square helped millions of businesses to grow by enabling them to accept credit cards. Kabbage can now serve these millions of businesses from food trucks and farmer’s markets to larger brick-and-mortar businesses like beauty salons and art galleries. The process for Square merchants to apply for and receive working capital is online and fully automated, with funds delivered in as little as seven minutes.
"Making funding available based on Square transactional data demonstrates the flexibility and power of our data platform," said Rob Frohwein, Kabbage Co-Founder and CEO. "Kabbage’s innovative approach to funding leverages the broadest range of business data sources, and demonstrates our commitment to making funding simple and accessible to small businesses everywhere."
This expansion of the company’s data platform follows four other major additions rolled out in 2013, including underwriting based on Intuit, Authorize.net, Xero, and Stripe data. Each additional data source enhances the power of the company’s platform to make automated and holistic funding decisions in real time, using ecommerce, shipping, accounting, payment processing, and now mobile transaction payment data. Kabbage’s data platform leverages the largest number of data sources to make underwriting decisions of any company in financial services.
About Kabbage
Kabbage, Inc., headquartered in Atlanta, pioneered technology and data driven financing for small businesses enabling this most important segment of the economy funding in fewer than seven 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.
Ann Noder, Pitch Public Relations, http://www.pitchpublicrelations.com/, 480.263.1557, [email protected]
Share this article