Money may not grow on trees, but seems to grow well on a certain Atlanta Kabbage patch. The trailblazing tech and data platform announced a $135 million equity raise led by Reverence Capital Partners as well as ING, Santander InnoVentures, and Scotiabank. Additional new investors include China’s Yuan Capital and Japan’s Recruit Strategic Partners, and existing investors BlueRun Ventures, UPS Strategic Enterprise Fund, and Thomvest Ventures also participated. The round brings the company’s total equity raised to date to over $240 million. Kabbage also announced a threefold expansion of its credit facility to more than $900 million.
“We are thrilled to announce our partnership with Reverence Capital Partners, ING, Santander InnoVentures, and Scotiabank, global leaders with deep expertise across financial services and technology,” said Rob Frohwein, Kabbage co-founder and Chief Executive Officer. “It is particularly gratifying to welcome three of the top fifty global banks to our shareholder base as we continue to expand our reach internationally, delivering an unparalleled experience to small businesses and consumers worldwide.”
Kabbage’s platform aims to change the landscape of lending worldwide, now providing over $1 billion annually to small businesses and consumers, just four years after its launch.
Lending is changing rapidly, with small businesses and consumers demanding a simpler and more customized experience,” remarked Milton Berlinski, Co-Founder and Managing Partner of Reverence Capital Partners, who also has joined Kabbage’s Board of Directors. “While Kabbage’s growth is remarkable, we are more impressed with Kabbage’s ability to scale while economically acquiring customers, decreasing risk and gaining significant operating efficiency.”