Kabbage Funding More Than $3 Million per Day
Company Triples Small Business Loan Volume in Less Than One Year
Kabbage Inc., the leading online provider of small business loans, is now funding more than $3 million per day to the nation’s economic backbone. Today’s news comes less than a year after Kabbage announced funding $1 million per day to small businesses, and just five months after doubling that milestone to $2 million per day.
Kabbage’s growth has been driven by the power of its automated, continuous underwriting platform combined with its unprecedented success expanding to serve larger businesses. In the past two years, Kabbage has grown from primarily serving e-commerce merchants to all businesses across more than 100 different categories. Today, 70% of all new Kabbage customers operate brick and mortar or services businesses, compared to less than 5% two years ago.
In addition to expanding its market, the company’s data-driven, persistent underwriting platform enables Kabbage to grow with its customers. The company’s underwriting platform automatically adjusts line sizes to deliver precisely the right funding amount for that customer and industry at every point in time.
“The past year has been an incredible period of growth at Kabbage, as we nearly tripled our business across every dimension,” said Kathryn Petralia, Kabbage co-founder and COO. “We are proud to be the fastest growing small business finance company in history, and are especially proud that we are delivering on our promise to make financing simple and accessible to businesses everywhere.”