Kabbage Lands $75 Million Debt Facility
Online lending startup Kabbage has closed a $75 million credit facility, the company announced in a press release today.
Victory Park Capital led the debt financing, which marks Kabbage's largest financing transaction to date. Existing investor Thomvest Ventures contributed as well.
“This facility represents an enormous vote of confidence from the institutional investment community in the Kabbage model and a significant milestone in our company’s history” said Rob Frohwein, Kabbage Co-Founder and CEO. “You’ll see Kabbage continue to expand our funding platform in innovative ways both to both investors and small businesses, as we redefine what it means to deliver funding to businesses – making the process even more simple, fast and user-friendly.”
Kabbage has made more than 60,000 advances since its launch two years ago, and anticipates making more than 100,000 in 2013 alone. The company says it will use the funding to advance its "rapidly-growing customer base" and "expand its reach to new customer segments."
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