As an up-and-coming leader in the genre of financial technology, Kabbage allows small businesses to qualify for funding in just 10 minutes through the use of an automated lending platform.
Kabbage is now lending over $10 million per day to small businesses, in congruence with the company’s recent addition of 30,000 customers in 2018. The company reported its first $500 million quarter this year, according to the press release.
The lender serves up to 1,400 businesses daily and has demonstrated a 68 percent increase of working capital accessed by Kabbage on mobile devices, as well as a 283 percent growth in use of the Kabbage Card since 2017.
"It was a great growth quarter for the company, and is a direct result of developing flexible and convenient solutions that simplify accessing capital for small businesses," Kabbage CFO Scott Rosenberg told Benzinga.
Why It’s Important
The company’s rapid growth and convenient alternatives have driven recent success, Kabbage reported.
“Kabbage’s continued growth is rooted in the real-time data relationship with our customers and the flexible products we deliver to strengthen small businesses any stage with greater cash flow at any moment,” said Rob Frohwein, Kabbage CEO. “The high-repeat use nature of our 150,000-plus customers demonstrates their affinity for our products and the endless possibilities we have to serve them into the future.”
Kabbage co-founder Kathryn Petralia will be keynote speaker at the Benzinga Fintech Summit in San Francisco Nov. 14.
In regards to leveraging the space, Rosenberg told Benzinga that he anticipates strong potential.
"The growth stats show that small businesses’ expectations are shifting, and will continue to shift as the market provides them more convenient solutions to access capital. Kabbage licenses its automated lending platform to global banks so they, too, can offer their small business customers a better lending experience in their local markets. That type of adoption is great for economies and especially small businesses as they have the financial opportunity to grow."
With the largest international network of partnerships for an online platform of its type, Kabbage has extensive exposure to markets in Spain, the U.K., France, Italy and more. This news will likely create further opportunities around the world.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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