Kabbage Funding More Than $5 Million per Day
Automated Platform Enables Company to Triple Year Over Year Growth While Improving Operating Efficiency
Kabbage Inc., the leading technology and data platform powering automated small business lending, is now extending more than $5 million per day to small businesses. The company achieved this milestone less than six months after reaching $3 million funded to businesses daily, and is set to triple its annual loan volume for the second year in a row.
Kabbage’s rapid growth trajectory is driven by its lending platform – the only fully automated technology platform in the industry. This platform allows the company to rapidly increase loan volumes with a much lower increase in marketing spend, headcount and other operating expenses than its peers. The company grew its loan volume by 60% from the first quarter of 2015 to the third quarter, while only increasing marketing spend by 34% during the same period.
“From the moment customers apply and are approved, to our servicing and ongoing delivery of the right amount of capital at the right time, the Kabbage lending platform allows us to offer small businesses a superior end-to-end user experience,” said Victoria Treyger, Kabbage chief revenue officer. “This platform has been instrumental in allowing us to scale rapidly by reaching more businesses faster and by driving strong repeat usage among our customers.”