MasterCard Expands Services for Small Business Segment with Kabbage Partnership
Purchase, NY and Atlanta, GA (PRWEB) March 10, 2015 -- Small- and mid-sized businesses (SMBs) now have a more flexible and convenient way to access working capital loans through a collaboration announced today by Kabbage Inc. and MasterCard. MasterCard, a leading global payments company, and Kabbage Inc., a leading online provider of small business loans, have formed a partnership whereby MasterCard will make Kabbage’s data and technology platform available through MasterCard’s network of acquirers. This relationship will provide MasterCard’s SMB partners access to working capital through their acquirer network and will deliver a simplified loan alternative for SMBs to grow their businesses.
“MasterCard is committed to delivering the tools and solutions necessary for small businesses to thrive here in the U.S.,” said Les Matthews, group head, Emerging Merchants, MasterCard. “Kabbage and MasterCard share a common vision in that advances in payment technology and access to funding are critical in supporting the small business segment and fueling their growth.”
“We are honored that MasterCard, a global leader in payments and commerce, selected Kabbage as its partner to bring our breakthrough funding platform to its acquiring customers,” said Rob Frohwein, Kabbage co-founder and CEO. “This partnership speaks to the power and scalability of our technology, and the rapid pace at which Kabbage funding is becoming the preferred option for businesses to get the capital they need to grow.”
About Kabbage Inc.
Kabbage Inc., headquartered in Atlanta, Ga., has pioneered the first financial services data and technology platform to provide fully automated funding to small business 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 kabbage.com and follow the company on Facebook and Twitter (@KabbageInc).
About MasterCard
MasterCard (NYSE: MA), mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter (@MasterCardNews), join the discussion on the Cashless Pioneer Blog and subscribe for the latest news on the Engagement Bureau.
Sarah Ely, MasterCard, http://www.mastercard.us/, 914-249-6714, [email protected]
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