Kabbage, an Atlanta, GA-based online lender for small businesses, raised $50m in Series D funding.
The round, which followed a recently announced $270m credit facility (read here), was led by SoftBank Capital, with participation from TCW/Craton, Lumia Capital and existing investors UPS Strategic Enterprise Fund, Thomvest Ventures, BlueRun Ventures, Mohr Davidow Ventures and individuals David Bonderman and Warren Stephens. In conjunction with the funding, Steve Murray, a partner at SoftBank, joined the board.
The company, which has now raised $106m, intends to use the funds for product innovation, new partnerships and geographic expansion.
Led by Rob Frohwein, CEO, and Kathryn Petralia, COO, Kabbage has developed a financial services data and technology platform to provide small businesses financing “in as little as 7 minutes“. It leverages data generated through business activity such as online sales, shipping, and dozens of other sources to understand performance and deliver funding in real time.
Launched in May 2011, the service has already reached the amount of $250m deployed to businesses.