SME lending platform Kabbage is raising $161m

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fintech insurtech wealthtech regtech ai cybertech esg news

Kabbage, an SME lending platform, is in the process of raising $161m according to a filing with the Securities and Exchange Commission.

The firm appears to have already raised just over 50 per cent of the total, having collected $80.5m to date.

Two months ago, Kabbage announced a $250m investment from Softbank Group. The start-up said the capital is being used to expand its lending products for small businesses, explore non-lending offerings, and develop its SaaS platform.

Following Softbank’s investment, Kabbage had raised around $1.3bn since launching six years.

SoftBank managing director David Thevenon said, “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.”

Earlier this year, the company received a $500m debt financing round, two years after picking up $135m for its Series E investment round in 2015, which was led by Reverence Capital Partners.

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.

Back in April, South-East Asian SME lender First Circle raised $1.3m in a new round from Accion Venture Lab and Deep Blue Ventures. The capital built on the $1.2m it raised last year from 500 Startups, IMJ and Key Capital to bring the startup’s equity funding to $2.5m in total.

Copyright © 2017 FINTECH GLOBAL

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