SoftBank Backs Kabbage With
August 3, 2017
investment represents the largest equity raise in the online
small business lending segment to date. The funding brings
Kabbage’s total equity raised to nearly $500 million.
With this investment, Kabbage will expand its lending products
for small businesses and will explore non-lending products and
services for these customers. The company will also use the
funds to accelerate its SaaS platform business that powers
online SMB lending for global banks. The closing of the
investment is subject to regulatory and other customary closing
conditions and is expected to be completed in third quarter
Kabbage is a fully automated technology and data platform that
provides access to funding directly to small businesses and
powers lending for large global banks. Customers leverage this
funding to build and grow their businesses, leading to the
creation of more jobs and investment into local communities and
the overall economy. The company currently operates in North
America and Europe with plans to expand to Asia.
“SoftBank invests in market-leading companies that dramatically
improve the customer experience and expand markets through
breakthrough technology and data capabilities,” said SoftBank
Managing Director, David Thevenon. “We invested in Kabbage
because their unique automated lending platform leverages open
data networks and best positions them to empower small
businesses around the world.”
Since launching six years ago, Kabbage has consistently driven
innovation in small business financing by:
Developing the first and only fully automated underwriting and
ongoing monitoring platform.
• Providing more than $3.5
billion in funding to small businesses.
• Serving more than 100,000
small businesses – more than any other online small business
• Maintaining 1.5 million
live connections to customer data.
• Powering automated lending
for three of the world’s top 50 global banks by asset size: ING,
Santander and Scotiabank.
• Receiving prestigious
industry awards for innovation, including: Forbes (America’s
Most Promising Companies, FinTech 50), CB Insights (Fintech
250), CNBC (Disruptor 50), Inc. 500 (America’s Fastest-Growing
Private Companies) and Fast Company (Most Innovative Companies
“Our partnership with SoftBank accelerates our goal of providing
a suite of services to small businesses globally that is
centered on real-time and persistent access to a wide variety of
data,” said Rob Frohwein, co-founder and CEO of Kabbage.
“SoftBank's scale, global reach, relationships and unparalleled
expertise in building transformative industry leaders make them
an ideal partner for Kabbage.”