True to its name, Kabbage is growing and growing, partnering now with ING. Last week, Kabbage announced a $135 million equity raise led by Reverence Capital Partners as well as ING, Santander InnoVentures, and Scotiabank. Kabbage Inc., a leading technology and data platform powering automated lending, and ING, a leading global bank, announce a strategic partnership to deliver instant capital to small businesses throughout Spain. ING represents the first global bank to leverage the Kabbage Platform, allowing small businesses to access the capital they need in real time. ING and Kabbage will jointly provide capital through the platform, which aligns their respective interests and creates a unique arrangement in the industry. The companies plan to expand the program to other countries after a successful launch in Spain.
“As financial institutions embrace new lending technology, more and more are turning to Kabbage to provide a superior experience to their customers,” said Rob Frohwein, Kabbage co-founder and Chief Executive Officer. “We are incredibly proud of our partnership with ING, one of the most innovative banks with whom we have worked. Most importantly, we are thrilled to serve the small and medium businesses powering the economy in Spain.”
The Kabbage Platform provides a comprehensive lending solution to banks and nonbanks seeking to provide their customers with a dramatically better user experience, while simultaneously limiting the impact on internal technology resources. The turnkey platform is fully configurable and can be rapidly deployed.
“This partnership shows we are dedicated to creating a differentiated customer experience. Kabbage’s automated loan application and approval process is both accelerated and incredibly simple for customers. This initiative perfectly fits our strategic priority to increase the pace of innovation,” said Ralph Hamers, Chief Executive Officer of ING. “The partnership is also in line with ING’s approach to launch new services via both our own initiatives and by working together with and investing in financial technology leaders like Kabbage.”