October 14, 2015
Kabbage Inc., the leading technology and data platform powering automated lending, has recently received $135 million in the series E funding round from Reverence Capital Partners as well as ING, Santander InnoVentures and Scotiabank. This brings the total amount raised to over $240 million.
At the same time, Kabbage has also tripled its credit facility to more than $900 million to fuel the expansion of its direct lending business. Investors in the expanded facility include insurance companies, hedge funds, pension funds and investment management companies attracted to the strong performance of the portfolio.
This is the first time in recent history that multiple global financial institutions have invested in a US-based financial technology company, suggesting the disruptive potential for Kabbage’s platform. Kabbage has, in fact, been able to understand the growing demand of simpler and more customizable lending solutions from the smaller businesses and has offered them a tailor-made product.
The combination of great value proposition and the Kabbage’s impressive ability to scale while economically acquiring customers, decreasing risk and gaining significant operating efficiency has been one of the critical factors that has impressed and attracted so many global investors worldwide.
Rob Frohwein, Kabbage Co-founder and Chief said that it was particularly gratifying to welcome three of the top 50 global banks to their shareholder base as they continue to expand their reach internationally, delivering an unparalleled experience to small businesses and consumers worldwide.
About Kabbage, Inc.:
Kabbage, Inc., headquartered in Atlanta, has pioneered the first financial services data and technology platform to provide fully 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. Through its Karrot brand, Kabbage offers simple consumer loans through its automated platform. Kabbage is funded and backed by Reverence Capital Partners, SoftBank Capital, Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, ING, Santander InnoVentures, 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 US-based loans are made by Celtic Bank, a Utah-Chartered Industrial Ban and member of FDIC. For more information, please visit and follow the company on Facebook and Twitter.
About Reverence Capital Partners:
Founded in 2013 by Milton Berlinski, Peter Aberg, and Alexander Chulack, Reverence Capital Partners is a private investment firm focused on investing in leading financial services companies. The firm’s partners bring over 90 years of experience across a wide range of financial services sectors, including asset management, banks and specialty finance, capital markets, financial technology, and insurance. For more information on Reverence Capital Partners, please see .