Kabbage, Inc., the leading online provider of working capital to small businesses, announced today it has expanded its data platform to fund businesses that use Square to process payments. Kabbage is the first and only company to underwrite and deliver funding based on businesses' Square transaction data.
Kabbage has long admired how Square helped millions of businesses to grow by enabling them to accept credit cards. Kabbage can now serve these millions of businesses from food trucks and farmer's markets to larger brick-and-mortar businesses like beauty salons and art galleries. The process for Square merchants to apply for and receive working capital is online and fully automated, with funds delivered in less than 10 minutes.
"Making funding available based on Square transactional data demonstrates the flexibility and power of our data platform," said Rob Frohwein, Kabbage, Co-Founder and CEO. "Kabbage' s innovative approach to funding leverages the broadest range of business data sources, and demonstrates our commitment to making funding simple and accessible to small businesses everywhere."
This expansion of the company's data platform follows four other major additions rolled out in 2013, including underwriting based on Intuit, Authorize.net, Xero, and Stripe data. Each additional data source enhances the power of the company's platform to make automated and holistic funding decisions in real time, using ecommerce, shipping, accounting, payment processing, and now mobile transaction payment data. Kabbage's data platform leverages the largest number of data sources to make underwriting decisions of any company in financial services.