Building on ING’s successful launch in Spain with the Kabbage Platform, this partnership will allow millions of small businesses throughout France and Italy to easily apply, qualify and access ongoing lines of credit up to €100,000 ($118,000) with ING in under 10 minutes.
The Kabbage Platform will provide ING and its small business customers a completely automated and paperless lending service. With persistent access to basic business data, ING and Kabbage can quickly analyze the creditworthiness of any small business, approve it for easily accessible funding and continually adjust each line of credit based real-time business performance. Customers can access funding at any time and withdraw only the amount they need, neither requiring a visit to the bank nor the need to reapply for future funding.
“This expansion distinguishes ING as one of the most progressive financial institutions for small business lending across Europe,” said Kabbage CEO and Co-Founder, Rob Frohwein. “Using the power of automation through the Kabbage Platform, our bank partners can reach a dramatically higher number of small businesses than with traditional underwriting, and expand into new geographies without considerable investments or additional operational costs.”
“We’re happy to expand the instant-lending offering for small business customers to more countries across Europe,” said ING Global Head of Fintech Benoit Legrand. “Employing automated lending allows us to give time back to our customers so they can concentrate on running their businesses instead of spending excessive time on banking.”