Kabbage, the Atlanta based fintech company that offers cash flow solutions to small businesses, announced new funding to continue making financial life easier for new and emerging businesses.
The company has just closed a $200 million revolving credit facility to support its rapid growth in providing startups with access to flexible online funding.
Earlier this year, Kabbage landed a record-setting $700 million securitization, and this new funding, a four-year credit facility, provides the longest period of committed debt funding for Kabbage.
Kabbage’s new debt capital commitment is provided by a subsidiary of a leading life insurance company, managed and administered by 20
Gates Management, and Atalaya Capital Management.
“This transaction further diversifies Kabbage’s committed sources of funding and prepares us to meet the escalating demand for capital access among small businesses,” said Kabbage Head of Capital Markets, Deepesh Jain, in a statement. “2019 has proven to be a tide-shifting year as customers accessed more than $670 million from Kabbage in Q2 2019, well surpassing our previously set record last quarter.”
Kabbage provides startups and growing business access to lines of credit up to $250,000 by analyzing their real-time business data. Kabbage so-far has provided more than 185,000 businesses over $7 billion in capital.
Video credit: Kabbage/You Tube