Kabbage, which works in small- to medium-sized business (SMB) cash flow solutions, has rolled out Kabbage Checking, which will help SMBs access digital banking services like electronic wallets and bill payments, according to a press release.
Kabbage President Kathryn Petralia said the company had already helped over 225,000 SMBs access services that usually are only available for larger corporations.
"We believe in the businesses too often left out, overlooked and underestimated," she said, according to the release. "Kabbage Checking is a new banking service built to give those small businesses an upper hand to earn more, save more and grow their business faster without sacrificing anything they expect from a bank."
Among the innovations touted by the company is the lack of opening fees or maintenance costs required. Instead, according to the release, the company offers customers a 1.10 percent annual percentage yield, paid out every month.
In addition, Kabbage allows customers to begin banking at any stage of the business, according to the release, with the lack of the opening deposit minimums, cash deposits nationwide, ATM access, access to any merchant using Mastercard, the ability to create a digital wallet and the ability to pay bills and organize vendors through electronic means.
According to the company, its other products such as Kabbage Insights, Kabbage Payments and Kabbage Funding can partner with the Kabbage Checking application in order to access cash flow analyses and forecasts, settle payments more efficiently and stop accounts from going negative, respectively.
Kabbage Insights was launched in March of this year as a way to help SMBs identify cash surpluses and deficits, through looking at current and future cash flow predictions.
Kabbage will also be launching new features to support wire transfers and mobile remote deposits later this year, according to the release.