|Type of site||Financial services|
|Founded||Rob Frohwein, Kathryn Petralia, Marc Gorlin|
|Launched||February 12, 2009;|
- Kabbage, Inc. is an online financial technology company based in Atlanta, Georgia.
- The company provides funding directly to small businesses and consumers through an automated lending platform.
- 2020.10.16 – Kabbage was acquired by American Express.
- Since March 2020, Kabbage suspended lending services for active and new customers in favor of offering loans to U.S. businesses through the PPP (Paycheck Protection Program) introduced as part of the Trump administration's COVID-19 economic stimulus package.
- Through their product, Kabbage Funding, customers can access lines of credit up to $250K.
- The company automates funding decisions based on a number of data factors, including business volume, time in business, transaction volume, social media activity, and the seller's credit score.
- Each draw against the line of credit is considered a separate loan issued by Celtic Bank, Member FDIC, with either six-, 12- or 18-month terms.
- Funds are deposited either into a bank or PayPal account.
- Each time a borrower takes a loan, he has six months or 12 months to pay it off.
- Kabbage customers typically utilize the funding platform for working capital for equipment and inventory purchases.
- In response to economic strains caused by COVID-19, Kabbage launched helpsmallbusiness.com, enabling anyone in the U.S. to purchase an online gift certificate from participating small businesses.