US fintech startup Kabbage gets a $250 million funding from Japanese SoftBank

4 August 2017

KabbageKabbage, an Atlanta-based online financial technology company, reported the funding in the amount of $250 million invested by Softbank, a Tokyo-based multinational telecommunications and internet company. Kabbage provides financing to small businesses and consumers using its automated loan provision service in a matter of several minutes.

Kabbage was incepted in February 2009 and since that time has successfully secured relationships with over 100,000 small businesses giving them access to the pool of over $3.5 billion of loans. Apart from this the company also partners with three leading banks such as ING, Santander and Scotiabank powering their lending services.

The last investment round brings the total raised capital of Kabbage to the line of $500 million, and the funds are planned to be used for expansion of its loan products for small businesses across the nation, promoting SaaS platform for banks and holding researches in the field of non-lending services and products.

Rob Frohwein speaking for Kabbage, noted that the relationship with SoftBank greatly contributes to the company’s pursuit of developing a package of services to small businesses worldwide focused on real-time access to an expanded bank of data. Meantime, SoftBank views the investment as a substantial step on to the fintech stage.

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