ING to pilot Kabbage in Spain

ING to pilot Kabbage in Spain

ING is to begin offering loans of up to EUR100,000 to small businesses in Spain via the Kabbage automated lending platform.

ING along with Santander InnoVentures and Scotiabank joined in a $135 million funding round in the US-based company earlier this month.

Kabbage uses data generated through business activity such as accounting data, online sales, shipping and dozens of other sources to provide fully automated funding to small businesses in minutes.

Ralph Hammers, CEO of ING, says the Spanish pilot fits with the bank's strategy to expand its lending capabilities by offering a differentiated customer experience.

"This initiative perfectly fits our strategic priority to increase the pace of innovation," he says. "The cooperation is also in line with ING's innovation approach to launch new services via both own initiatives and by working together with and investing in fintechs and startups."

In November last year, ING announced plans to cut 1700 jobs and spend EUR200 million to simplify and upgrade its IT systems over the next three years.

Hammers adds that if the Spanish test-run proves a success it will expand the service to other international markets.

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