Kabbage and Stripe Partner to Fuel Small Business Growth
Kabbage adds 3rd new underwriting partner in 6 months to reach more small businesses.
Kabbage, Inc., the leading online provider of working capital for small businesses, and Stripe, the company that enables businesses to instantly accept credit card payments online, announced today that Kabbage can now underwrite Stripe customers based exclusively on Stripe’s payment processing data.
“We are thrilled to offer funding to tens of thousands of Stripe customers including their core of app developers, e-commerce merchants, and other services businesses,” said Marc Gorlin, Kabbage Co-Founder and Chairman. “Both Kabbage and Stripe are dedicated to powering growth for small businesses. Together the two companies will provide small businesses with a streamlined, soup-to-nuts solution to run a business online.”
Kabbage is the first and only company to underwrite Stripe businesses based on their payment processing data. Over the last 6 months, Kabbage has also launched underwriting and distribution partnerships with Intuit’s QuickBooks and other partners to expand its underwriting platform and serve more small businesses.
“Kabbage is using Stripe data in a truly creative way, looking at a seller’s business history and making an instant financing decision. There’s no manual work required by the seller: simply connect Kabbage to a Stripe account in seconds, and receive the financing necessary to grow a business. It’s quite magical,” said John Collison, Co-Founder and President of Stripe.