Kabbage, Inc. is a financial technology and data company that pioneered a new, automated way to lend money to small businesses and consumers. The company simplified the manual application process to one that is 100% online and automated. Businesses and consumers can use their own data to submit an application online and receive an immediate decision and access to funds on the spot. Kabbage leverages data generated such as revenue, accounting data, business transactions, shipping data, social media and other sources to understand a business’s overall health and calculate credit lines throughout the customer lifecycle. The company began making its first loans to online merchants in 2011 and extended its lending to all small businesses – online and brick-and-mortar – in February 2014. In November 2013, Kabbage expanded its business to mobile with an iOS and Android app that enables users to apply or access their funds from their smartphones. Kabbage's first expansion of its technology and data platform was to launch Karrot personal loans in 2014. Karrot is the only fully automated personal loan product that can verify 100% of a person’s income. Karrot also provides an immediate answer and access to funds as soon as the next day. Kabbage expanded the application of its platform in March 2015 by licensing the data and technology platform to power lending for other organizations. The company was named one of Forbes magazine’s Most Promising Companies list for the second year in a row. Kabbage further extended its lending reach in May 2015 with the announcement of the new Kabbage Card, which gives businesses the ability to pay for items at the point of sale with a purchasing card tied to their Kabbage account. Kabbage also collaborated with MasterCard in May 2015 to make Kabbage’s data and technology platform available through MasterCard’s network of acquirers.
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