Kabbage closed a $200 million revolving credit facility to support its growth providing U.S. small businesses access to flexible, online funding.
Building upon the momentum of Kabbage’s record-setting $700 million securitization earlier this year, the new four-year credit facility provides the longest period of committed debt funding for the company.
The debt capital commitment is provided by a subsidiary of a leading life insurance company, managed and administered by 20 Gates Management, and Atalaya Capital Management.
“This transaction further diversifies Kabbage’s committed sources of funding and prepares us to meet the escalating demand for capital access among small businesses,” said Kabbage Head of Capital Markets, Deepesh Jain. “2019 has proven to be a tide-shifting year as customers accessed more than $670 million from Kabbage in Q2 2019, well surpassing our previously set record last quarter.”
Kabbage provides small businesses access to lines of credit up to $250,000 by analyzing their real-time business data. With more than 2 million live data connections with its customers, the company provides small businesses access to capital in minutes.