U.S. Online Banking Platform Azlo and Kabbage Collaborate to Power Automated Small Business Lending Program "Mission Street Capital"
The first exclusively Fintech and online banking platform collaboration aims to increase credit access for U.S. small businesses
ATLANTA, May 16, 2019 /PRNewswire-PRWeb/ -- Azlo, a U.S. online banking platform, and Kabbage, Inc., a cash-flow technology and small business lending platform, announce the launch of Mission Street Capital, a new program that provides small businesses banking with Azlo access to loans through Kabbage® up to $250,000.
Azlo focuses on simplifying banking services for businesses and has no physical branches, which allows it to serve small businesses regardless of location, including those in remote and underserved communities. In partnership with Kabbage, Mission Street Capital will provide Azlo customers, including businesses with thin credit files, gig-economy business owners and fast-growing small businesses, a fully digital solution that enables access to working capital whenever and wherever it is needed.
"Azlo is proud to be serving today's small businesses," said Azlo Chief Operating Officer Bryan Crumpler. "Our mission is enabling small businesses to succeed in their mission and partnering with Kabbage is a huge step forward in being able to accomplish that."
Small businesses with an Azlo account can now apply with Mission Street Capital to access funding through Kabbage in minutes. Mission Street Capital leverages Kabbage's proprietary data platform that analyzes customers' real-time banking data and other business performance data—including bookkeeping software, payment processor data and website analytics—to provide a fully automated funding decision.
"Azlo is helping fill a crucial gap in our financial system to serve underbanked small businesses," said Kabbage Chief Revenue Officer Laura Goldberg. "Kabbage's real-time lending platform allows Mission Street Capital to effectively serve any small business in any location to access the funding they need to grow."
With a Kabbage loan, there are no fees to apply or maintain access to funding, and small businesses are not obligated to withdraw funds once qualified. It's a hassle-free lending solution with the flexibility to fit the cash flow needs of any small business, from investment opportunities to daily expenditures. To date, more than 175,000 small businesses have accessed over $6.5 billion through Kabbage.
About Azlo
Azlo believes that digital platforms can be a powerful democratizing force that can offer opportunity to anyone, anywhere. To fulfill that promise, the right digital platforms have to be created and shared with everyone. Azlo is working to help entrepreneurs everywhere access the information, financial tools, and support they need to succeed by offering access to instant digital business banking services, with no fees or minimums. Banking services available through Azlo are provided by BBVA Compass. BBVA Compass is a trade name of Compass Bank, Member FDIC. To read more about Azlo, go to http://www.azlo.com.
About Kabbage
Kabbage, Inc., headquartered in Atlanta, has pioneered a financial services data and cash flow 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. 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.
SOURCE Azlo
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