Kabbage provides SMBs with a line of credit by evaluating various alternative data parameters. It 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. The company also provides white label platforms to companies wanting to start their own lending platforms. Recently, Kabbage was selected for the 2019 Forbes FinTech 50 startups list.
PRODUCTS & SERVICES:
Online Loans for Small Businesses: Kabbage offers a variety of loans up to $250,000 with types scaling from SBA and small-business credit cards, to online and peer-to-peer, to equipment & inventory, to payroll & professional loans. It is a quick and simple online process that helps small business to get funding for the growth of their business.
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Companies from the banking and electronic payments industry.
Kabbage has partnered with business data source firms such as Authorize.Net, UPS, Sage, Stripe, Shopify, Esty, Bigcommerce, Volusion, Xero, and Liquidation.com.
Kabbage also partnered with Mastercard and now extends services to Mastercard’s network of acquirers.
Kabbage has partnered with Experian, which would leverage Kabbage’s automated lending platform to its institutional clients serving small businesses and consumers.
Kabbage also partnered with Intuit to underwrite small businesses. Celtic Bank will finance all the loans that originate in the US on Kabbage's platform, Scotiabank.
It uses real-time data in the loan approval process instead of relying on credit history. Kabbage has used social media analytics to quantify a borrower's propensity to repay. Kabbage also recognizes fingerprint authentication and ties into instant mobile check deposit to deliver capital in a few minutes.
Peter Kight, Oneal Bhambani, Scott Thompson, Jonathan Ebinger, Don Butler, Steven Murray, , Bryan Stolle.
NUMBER OF EMPLOYEES:
SoftBank Group, Credit Suisse, Reverence Capital Partners, ING, Scotiabank, Recruit Strategic Partners, BlueRun Ventures, United Parcel Service, Thomvest Ventures, Santander InnoVentures, Mohr Davidow Ventures, Lumia Capital, TCW Group, Guggenheim Partners, Victory Park Capital, SV Angel, Western Technology Investment, Hard Yaka, Princeville Global, Northgate Capital, Canvas Ventures, Mavcap, Wildcat Venture Partners, and Elevate Innovation Partners.
Rob Frohwein (CEO); James Chou (CTO); Robert Sharpe (COO)
VALUATION / MARKET CAP:
$1.2 Billions in 2017
$10M+ in 2018
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The company has provided over $6 billion loans to more than 150,000 small businesses to date. (Feb. 2019)
The company has secured over $500 million in fixed-rate, asset-backed notes. Kabbage will use to expand the amount, payback terms, and the size of loans it makes to SMBs over the next three years. (Feb. 2017)
DATE OF LAST FUNDING:
TOTAL FUNDING COMMENT:
The company will use the funds to expand its small-business lending products and also expand into Asia. (Aug. 2017)