SME lending platform Kabbage has received a $250m investment from a subsidiary of SoftBank Group.
Kabbage is an automated technology and data platform which offers small businesses access to funding. Borrowers can get access to up to $150,000 of credit within ten minutes, on a six or twelve month term.
Since its launch six years ago, the company has provided around $3.5bn in funding to small businesses, serving over 100,000 SMEs. Currently, the platform operates in North America and Europe with plans to expand to Asia.
The capital will be used to expand Kabbage’s lending products for small businesses and explore non-lending offerings as well. Kabbage will also use the funds to develop its SaaS platform.
SoftBank managing director David Thevenon said, “SoftBank invests in market-leading companies that dramatically improve the customer experience and expand markets through breakthrough technology and data capabilities. We invested in Kabbage because their unique automated lending platform leverages open data networks and best positions them to empower small businesses around the world.â€
Following the latest investment, it brings total capital raised by the company to around $1.3bn, with the company receiving a $500m debt finaincing round earlier this year. Kabbage picked up $135m for its Series E investment round in 2015, which was led by Reverence Capital Partners.
Copyright © 2017 FinTech Global
