Kabbage reports small businesses in the U.S. accessed more than $715 million of capital in the third quarter through Kabbage, putting the company on pace to provide customers access to nearly $2.8 billion in 2019.
The company also added more than 42,000 unique customers year-to-date, far exceeding the 37,000 customers added in all of 2018.
Adding to the high customer growth, more than three-quarters of all Kabbage funding activity continues to be accessed by repeat customers, representing over $6 billion of the more than $8 billion accessed to date.
The company saw a nearly 60% increase of new customers between January and September of 2019, and a 43% increase of funding accessed through Kabbage during the same period.
“It’s essential to have a business model that’s built on scalable long-term growth, and repeat business is a critical metric,” said Kabbage CEO Rob Frohwein. “Our data and technology platform allows us to re-underwrite customers daily so they have a reliable source of funding 24/7. Thanks to the speed at which our technology allows us to serve them, we’ve seen record highs, serving nearly 1,900 small businesses who have accessed over $13 million in a single day.”
Small businesses connect their verified business data to Kabbage for a fully-automated funding decision in minutes. If qualified, customers can access the exact amount of funding they need when they need it through Kabbage, reducing small businesses’ risk of borrowing too much and for too long.
Other milestones for Kabbage in 2019 have included:
- In January, launching Pay Later with Alibaba.com to provide small businesses fully automated financing at checkout without leaving Alibaba.com.
- In April, securing the largest asset-backed securitization (ABS) by a small business online lending platform to date for $700 million.
- In July, closing a $200 million revolving credit facility.
- In September, acquiring assets of Silicon Valley-based Radius Intelligence, a leading small-business data platform.
- In September, launching the Kabbage Small Business Revenue Index, an interactive tool analyzing revenue trends of U.S. small businesses drawing from 2 million live data connections.