Kabbage Extends $3 Billion in Funding to over 100,000 Small Business Customers
April 05, 2017 --
Atlanta, GA (PRWEB) April 05, 2017
Kabbage®, a pioneering financial services, technology and data platform, announced it has extended more than $3 billion to small businesses across all 50 U.S. states, covering every industry. The company has also now served over 100,000 small businesses through its platform, representing the largest customer base of any online small business lender.
Today's announcement comes less than a year after Kabbage reached $2 billion extended to small businesses and follows a record March, when the company issued more than 20,000 unique loans in a single month. Kabbage customers have connected more than 1.4 million live data sources to the Kabbage Platform. These data connections allow the company to continue scaling at a rapid pace while providing customers with exactly the right funding product over the lifecycle of each business.
“Reaching the $3 billion extended milestone faster than any company in the industry speaks to the power of the Kabbage Platform," said Victoria Treyger, Chief Revenue Officer for Kabbage. “The platform's ability to deliver the right product throughout the entire customer lifecycle rather than just a single loan has been critical to driving the exponential growth rate for our direct lending business."
Kabbage Inc., headquartered in Atlanta, has pioneered a financial services data and technology platform to provide 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. Kabbage is funded and backed by leading investors, including Reverence Capital Partners, SoftBank Capital, Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, ING, Santander InnoVentures, Scotiabank and TCW/Craton. All Kabbage U.S.-based loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. For more information, please visit http://www.kabbage.com.
Read the full story at http://www.prweb.com/releases/2017/04/prweb14211634.htm.