Online SMB lender Kabbage has built an app to allow Uber drivers to apply for PPP loans directly from their...
Speaking at LendIt Fintech 2018 Kabbage CEO Rob Frohwein talked about building a brand in the online lending space; he explained most companies think boiler rooms equal brands, he went on to say you need to spend time and money on building your company’s brand; building relationships is the key, not just credit scores and data, you need to understand what your customer wants and needs by engaging with them on a regular basis. Source.
Kabbage now has debt funding capacity of $750 million; the additional facility will allow the company to offer higher lines of credit with longer terms; Deepesh Jain stated, “The new, DBRS-rated facility, provided by Credit Suisse, speaks to Kabbage’s maturity in the financial markets and gives us diverse funding options to serve our small business customers. To earn an investment-grade rating requires a rigorous evaluation of not only our lending models, automated risk analysis, and successful history of reducing bad debt to an industry-low, but also our operational processes – from exceptional customer service to unmatched technology development.” Source
Kabbage's chief technology officer Amala Duggirala has taken a new role with Regions as the bank's chief investment officer; Amala Duggirala has been with Kabbage since November 2016 leading the firm's technology platform efforts; prior to Kabbage she worked as executive vice president of application development at payments technology company ACI Worldwide; her technology experience in lending and payments will help to support and enhance product development and innovation in her new chief investment officer role at Regions. Source
Kabbage will now offer lines of credit up to $250,000; this is the largest credit line available from any online lender; Kabbage will expand its customer base to larger businesses with the higher credit lines; Kabbage also shared results of a survey sharing where small businesses plan to invest in 2018. Source
Leading fintech small business lender Kabbage has been a major force in getting PPP loans into the hands of small...
Today, Kabbage announced the launch of their new small business checking account called Kabbage Checking; it is being offered in...
Kabbage has been working on new ways that they can serve small businesses; they recently announced the launch of extremely...
Much of the attention of the Paycheck Protection Program has been on the automation of the approval process; this was...
According to a form d filing with the Securities and Exchange Commission small business lender Kabbage is in the middle of a $161mn round; the filing shows they have thus far raised a little over $80mn; this round is in addition to the $250 million investment from a subsidiary of Softbank Group in August. Source.