- General
- July 2, 2019
- 4 minutes read
Kabbage Secures $200 Million Credit Facility
Kabbage co-founder and president Kathryn Petralia Photo by Seb Daly/Web Summit via Sportsfile Kabbage — an online lender for small…
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| Kabbage co-founder and president Kathryn Petralia
Photo by Seb Daly/Web Summit via Sportsfile
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Kabbage — an online lender for small businesses valued at $1.2 billion [Pitchbook data] — has secured a $200 million credit facility to support its growth in the U.S. This is in addition to a record $700 million credit facility secured by the Atlanta-based company earlier this year. Kabbage says the $200 million credit facility was secured from a subsidiary of a “leading life insurance company” and didn’t provide a specific name.
Kabbage provides small businesses with credit lines of up to $250,000 and ensures it lends to legit businesses by analyzing real-time data. The company has loaned more than $7 billion in total to 185,000 U.S. businesses, with $670 million loaned in the second quarter of this year alone. Kabbage’s loans are issued by Celtic Bank, an Utah-Chartered Industrial Bank and member of the FDIC (Federal Deposit Insurance Corporation).
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| Kabbage co-founder and CEO Rob Frohwein
image: Web Summit on Flickr
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Kabbage has raised roughly $500 million in equity funding. Investors in the company include the Softbank Vision Fund, Mohr Davidow Ventures, BlueRun Ventures and more.
