Kabbage launched a new program called Kabbage Funding that will offer eligible small businesses flexible lines of credit between $1,000 and $150,000 with the backing of American Express.
American Express entered into an agreement to acquire substantially all of Kabbage, a financial technology company providing cash flow management solutions to small businesses in the U.S.
Kabbage reports small businesses in the U.S. accessed more than $715 million of capital in the third quarter through Kabbage.
Online lender Kabbage bolstered its financial leadership team with the appointment of Scott Rosenberg as its chief financial officer. The company also added Laurie Simon Hodrick as an independent director on its board.
As small business owners increasingly shun regular bankers’ hours, Kabbage reported 145,000-plus customers accessed more than 300,000 after-hours loans for a total of more than $1 billion in funding.
Fintech lender Kabbage has extended more than $4 billion to more than 130,000 small businesses since April 2017. Robert Sharpe has joined the company as COO.