Kabbage, Inc., a global financial services, technology and data platform serving SMEs, is now extending access to more than $10 million per day to small businesses via its automated lending platform. The milestone is underscored by the addition of nearly 30,000 new customers in 2018, fueling the company’s first $500 million quarter of funding activity in Q3 2018.
“Kabbage has more than 2 million live data connections with its customers which allows us to tailor our service and provide unique products that are flexible, convenient and save small businesses time,” new Kabbage CFO Scott Rosenberg told Crowdfund Insider via email. “We have an internal saying “let the baker’s bake,” which refers to delivering small businesses financial tools and solutions that allow them to have more time to focus on their passions for starting a business instead of heavy paperwork and financial process.”
Serving up to 1,400 small businesses every day, Atlanta-based Kabbage credits its rapid growth to its convenient working capital solutions that fit the way customers run their businesses. Evidenced by a 68 percent increase in the total amount of working capital accessed via Kabbage on mobile devices and a 283 percent growth in adoption of the Kabbage Card since 2017, Kabbage aims to build solutions designed to remove the friction small businesses face when seeking funds, the amount of dollars accessed via Kabbage now totals more than $5.5 billion.
“Kabbage’s continued growth is rooted in the real-time data relationship with our customers and the flexible products we deliver to strengthen small businesses any stage with greater cash flow at any moment,” noted Kabbage CEO Rob Frohwein. “The high-repeat use nature of our 150,000-plus customers demonstrates their affinity for our products and the endless possibilities we have to serve them into the future.”
With its global network of global-bank partnerships for an online lending platform, Kabbage now powers small business lending for large banks, including ING and Santander, across Spain, the U.K., Italy and France. SoftBank Group Corp., BlueRun Ventures and Mohr Davidow Ventures are among Kabbage’s backers. All Kabbage U.S.-based loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC.
Crowdfund Insider also reached out to Kabbage regarding FTC announcement regarding a national education campaign to help small business owners understand common cyber threats and how they can help protect their businesses.
“As part of Kabbage’s ongoing effort to help small businesses to be successful, Kabbage recently surveyed more than 800 customers and nearly half (47 percent) plan to invest in cybersecurity products and services in 2018,” indicated the platform. “Of the companies Kabbage surveyed, the majority fall in the IT, medical or accounting industries. In 2018, many organizations will be required to be compliant with the GDPR, the General Data Protection Regulation for the European Union.”
More details regarding Kabbage’s insight and updates about cybersecurity to follow.