Founded in 2008, fintech company Kabbage provides funding to small businesses through a simplified, expedited and automated platform. Co-founder Kathryn Petralia spoke to investors and entrepreneurs Wednesday at the Benzinga Fintech Summit in San Francisco about her journey and the company's culture.
Kabbage is now lending $10 million per day to small businesses and reported adding 30,000 customers in 2018. The lender serves up to 1,400 small businesses daily, and the amount of working capital accessed this year via Kabbage on mobile devices increased by 68 percent, according to a recent press release.
"The theme is always saying yes and taking advantage of relationships," Petralia said.
A crucial part of Kabbage's success is a willingness to pivot, she said.
"Pivot means that you were doing one thing and switched because the one thing didn't work. E-commerce represents less than 10 percent of our portfolio, so we began expanding our business. We are now focused on real-time access to data and automation."
Kabbage has has developed community- and service-based initiatives, Petralia said. Its Kabbage Cares program provides staff with opportunities to give back on a consistent basis.
"Once a month in our offices, there is an opportunity to do work in communities."
The lender has an overall culture of caring for others, the company's co-founder said.
"Lifelong relationships are being formed at Kabbage."
When asked about other catalysts that have become clear due to the success of Kabbage and the rise of financial technology, Petralia referenced the importance of people.
"No matter how hard you work or how great your idea is, you must be surrounded by people who are excited."
Photo courtesy of Kabbage.
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