07 December 2016
Visit aciworldwide.com

Kabbage closes $30m series c funding round

18 September 2012  |  1024 views  |  0 Source: Kabbage

Kabbage, Inc., the leading online provider of working capital for small businesses, today announced $30 million in Series C financing.

The company will use this funding to further advance its powerful technology and data platform, expand partnerships, and continue to position Kabbage as the fastest growing small business finance company.

The financing was led by Thomvest Ventures, the venture capital arm of Peter Thomson, Founder and Managing Director of Thomvest Ventures and a director of Thomson Reuters. All major existing investors, including UPS Strategic Enterprise Fund, Mohr Davidow Ventures, BlueRun Ventures, Warren Stephens and David Bonderman participated in the round. In addition, Ron Conway's SV Angel also recently invested in the company. Kabbage has received a total of $56 million in equity to date.

"Kabbage has completely redefined small business finance in less than two years," said Peter Thomson. "Its disruptive business model and technology platform is providing much needed working capital to small businesses quickly and efficiently, helping to drive the overall economy."

Kabbage's unique funding platform, which leverages dozens of data sources to determine real-time business performance and provide funding to businesses in less than seven minutes, has been granted multiple U.S. patents.

"Thomvest is committed to driving the growth of small businesses - as are we - making the firm a natural financing partner for Kabbage," said Rob Frohwein, CEO of Kabbage. "Thomvest has a deep understanding of the financial services industry and has become the recognized leader in the space through its support of the equity and debt requirements of Lending Club. We look forward to working with Thomvest to further accelerate our growth and reach millions of small businesses across new markets."

Since launching its platform two years ago, Kabbage has grown rapidly and now fuels over $800 million in annual sales for its small business customers. Kabbage customers are very active, taking an average of 10 advances per year to help them grow. Additioionally, over the last four months, Kabbage has been awarded "the Most Innovative Company in Financial Services" from PYMNTS.com, "Top 100 Private Company in North America" by Red Herring and "Top 10 Innovators of the year" by Bank Technology News - adding to its numerous industry awards for innovation and disruption.

"UPS and Kabbage share a passion for supporting small business growth," said Alan Gershenhorn, Chief Sales, Marketing, and Strategy Officer, of UPS. "We've increased our investment in Kabbage and we continue to work together to identify innovative ways to support the financing needs of small business." 

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextraVisit contisgroup.comVisit aciworldwide.com

Who is commenting?

A Finextra member Finextra Member Commented on: Payments regulator blo...
A Finextra member Finextra Member Commented on: Payments regulator blo...

Top topics

Most viewed Most shared
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
7443 views 12 comments | 15 tweets | 27 linkedin
OCC to offer fintech firms bank charter statusOCC to offer fintech firms bank charter st...
6934 views comments | 25 tweets | 15 linkedin
China tops world fintech rankingsChina tops world fintech rankings
6645 views comments | 34 tweets | 30 linkedin
Fed Governor sounds warning on alternative credit scoring dataFed Governor sounds warning on alternative...
6103 views comments | 18 tweets | 19 linkedin
Big tech policy group calls on Trump to promote fintech innovationBig tech policy group calls on Trump to pr...
5676 views comments | 22 tweets | 11 linkedin

Featured job

to Six-Figure Base, Commission, Benefits
London, UK

Find your next job