Kabbage Gets Square: Extends Small Biz Lending Platform
Kabbage Inc., an online provider of working capital to small businesses, said Wednesday it has expanded its data platform to fund businesses that use Square to process payments.
The Atlanta-based firm said it has long admired how Square has helped businesses grow by enabling them to accept credit cards. The process for Square merchants to apply for and receive working capital is online and automated, with funds delivered in less than 10 minutes, Kabbage said.
The recent expansion of Kabbage’s data platform to businesses that use Square follows four other additions rolled out in 2013, including underwriting based on Intuit, Authorize.net, Xero and Stripe data, according to Kabbage.
In September 2012, the company announced that it had raised $30 million in Series C financing to further advance its technology and data platform, expand partnerships, and to continue its growth as a small business finance company.
The funding could potentially help to expand partnerships with credit unions as well as larger banks, Kabbage said at the time.