Kabbage Lands $75 Million Debt Facility

What's Next In Payments®
9:08 AM EDT January 29th, 2013

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.”

Read the full story here.

Also by This Author
What's Hot
Merchant Innovation
Amazon Reports 23% Rise In Q1 Net Sales, Launches Grocery Service
B2B Payments
Worldpay Launches e-Commerce Module With Hybris
B2B Payments
Removing Barriers to E-invoicing
B2B Payments
BBVA Compass Creates Transportation Banking Division
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
In Depth
Visa Reports 26% Boost In Fiscal Q2 Profit But Falls Short of Expectations
Merchant Innovation
Amazon Reports 23% Rise In Q1 Net Sales, Launches Grocery Service
MiiCard’s $21 Billion Dollar Solution
Square’s Many Suitors: The People Have Spoken
View All Articles ››