Alternative lender Kabbage has made major moves in only the last few months, largely through partnerships with other FinTech firms. In its latest collaboration, Kabbage announced a new deal with payment service provider Sage Payment Solutions, a move that will expand Kabbage’s small business client list and provide new services to Sage’s existing SME customers.
According to reports, Kabbage will now have access to more than 6 million SMEs across 24 nations that already work with Sage. Sage, meanwhile, will be able to offer lending and financial services to its business customer through the Kabbage platform, creating a new product, the Sage Small Business Loan powered by Kabbage.
In a statement, Kabbage head of product Jason Dell said that the tie-up with Sage is an example of how the lender has built its platform to be entirely scalable with other companies. “We were very deliberate in crafting a platform offering that is easily and rapidly implemented by our partners,” he said, adding that Sage is Kabbage’s first official partner.
Sage currently offers businesses the ability to accept multiple forms of payments, and with Kabbage, can now offer small business loans. “Sage is focused on providing small businesses with the software, services, and resources they need to grow and thrive,” said Sage Payment Solutions CEO Paul Bridgewater. “This partnership with Kabbage allows Sage to provide small businesses with much-needed financing.”
Earlier this year, Kabbage announced a new collaboration with Australian alternative lender Kikka Capital, which sees Kikka launch an online lending platform with SME loans powered by Kabbage. The partnership, the companies said, exemplified Kabbage’s ability to license out its platform to other businesses. Kabbage recently told PYMNTS that the deal with Kikka will be used as a blueprint for similar partnerships in the future. The company is reportedly exploring possible deals in Canada, Asia and Europe.