ATLANTA, Oct. 24, 2018 /PRNewswire-PRWeb/ -- Kabbage, Inc., a global financial services, technology and data platform serving small businesses, is now extending access to more than $10 million per day to small businesses via its automated lending platform. The milestone is underscored by the addition of nearly 30,000 new customers in 2018, fueling the company's first $500 million quarter of funding activity in Q3 2018.
Serving up to 1,400 small businesses every day, Kabbage credits its rapid growth to its convenient working capital solutions that fit the way customers run their businesses. This is evidenced by a 68 percent increase in the total amount of working capital accessed via Kabbage on mobile devices and a 283 percent growth in adoption of the Kabbage Card since 2017. By building solutions designed to remove the friction small businesses face when seeking funds, the amount of dollars accessed via Kabbage now totals more than $5.5 billion.
"Kabbage's continued growth is rooted in the real-time data relationship with our customers and the flexible products we deliver to strengthen small businesses any stage with greater cash flow at any moment," said Kabbage CEO, Rob Frohwein. "The high-repeat use nature of our 150,000-plus customers demonstrates their affinity for our products and the endless possibilities we have to serve them into the future."
Kabbage, Inc., headquartered in Atlanta, has pioneered a financial services data and technology platform to provide access to 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. With the largest international network of global-bank partnerships for an online lending platform, Kabbage powers small business lending for large banks, including ING and Santander, across Spain, the U.K., Italy, France and more. Kabbage is funded and backed by leading investors, including SoftBank Group Corp., 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.