U.S. online banking platform Azlo and Kabbage collaborate to power automated small business lending program “Mission Street Capital”
The first exclusively Fintech and online banking platform collaboration aims to increase credit access for U.S. small businesses
Azlo, a U.S. online banking platform, and Kabbage, Inc., a cash-flow technology and small business lending platform, announce the launch of Mission Street Capital, a new program that provides small businesses banking with Azlo access to loans through Kabbage® up to $250,000.
Azlo focuses on simplifying banking services for businesses and has no physical branches, which allows it to serve small businesses regardless of location, including those in remote and underserved communities. In partnership with Kabbage, Mission Street Capital will provide Azlo customers, including businesses with thin credit files, gig-economy business owners and fast-growing small businesses, a fully digital solution that enables access to working capital whenever and wherever it is needed.
“Azlo is proud to be serving today’s small businesses,” said Azlo Chief Operating Officer Bryan Crumpler. “Our mission is enabling small businesses to succeed in their mission and partnering with Kabbage is a huge step forward in being able to accomplish that.”
Small businesses with an Azlo account can now apply with Mission Street Capital to access funding through Kabbage in minutes. Mission Street Capital leverages Kabbage’s proprietary data platform that analyzes customers’ real-time banking data and other business performance data—including bookkeeping software, payment processor data and website analytics—to provide a fully automated funding decision.
“Azlo is helping fill a crucial gap in our financial system to serve underbanked small businesses,” said Kabbage Chief Revenue Officer Laura Goldberg. “Kabbage’s real-time, lending platform allows Mission Street Capital to effectively serve any small business in any location to access the funding they need to grow.”
With a Kabbage loan, there are no fees to apply or maintain access to funding, and small businesses are not obligated to withdraw funds once qualified. It’s a hassle-free lending solution with the flexibility to fit the cash flow needs of any small business, from investment opportunities to daily expenditures. To date, more than 175,000 small businesses have accessed over $6.5 billion through Kabbage.