- Briefing Room
- Consumer Engagement
- Commerce 3.0
Kabbage leverages data generated through merchant activity across various marketplaces and channels to understand business performance and craft financing options that meet their needs. Small businesses are rapidly expanding in number and variety. These businesses are also in need of more capital with which to operate their businesses. When polled, most businesses suggest that access to capital is the single biggest roadblock to growing their business. Small businesses are underserved by financial services products because traditional underwriting criteria does not account for their business model and do not understand how to leverage the valuable the data therein. Traditional funding sources also do not understand the velocity at which these businesses operate. Kabbage has built a financing solution that goes above traditional underwriting methods to give advances to meet businesses’ needs. Kabbage releases funds to businesses instantly, thus ensuring cash flow needs are met immediately.
Kabbage mines data and information provided by these businesses and also utilizes a variety of seller data points including UPS shipping data, Intuit Quickbooks information, Social Media profiles, and others, in order to further understand these businesses and give access to more cash when needed. Kabbage began making advances to accountholders in July 2010, and in the meantime, has raised over $56 million in venture capital, grown from 7 to over 80 employees, expanded to two offices, and launched in the UK. Kabbage’s data context business continues be a pioneer among financial technology products. In the last 6 months, the company has received multiple awards for innovation and disruption including “the Most Innovative Company in Financial Services” from PYMNTS.com, “Top 100 Private Company in North America” by Red Herring and “Top 10 Innovators of the year” by Bank Technology News.