Kabbage, Inc., an Atlanta, GA-based technology and data platform powering automated lending, raised $135m in equity funding.
The round, which brought total equity raised to date to over $240m, was led by Reverence Capital Partners as well as ING, Santander InnoVentures, and Scotiabank with participation from new investors China’s Yuan Capital and Japan’s Recruit Strategic Partners, and existing investors BlueRun Ventures, UPS Strategic Enterprise Fund, and Thomvest Ventures. In conjunction with the funding, Milton Berlinski, Managing Partner of Reverence Capital Partners, has joined Kabbage’s Board of Directors.
Led by Rob Frohwein, co-founder and Chief Executive Officer, Kabbage leverages data generated through business activity such as accounting data, online sales, shipping and dozens of other sources to understand performance and deliver flexible funding in real time. Through its Karrot brand, the company offers simple consumer loans through its automated platform.
All Kabbage and Karrot U.S.-based loans are made by Celtic Bank, a Utah-Chartered Industrial Bank, member FDIC.
In related news, the company also increased its credit facility more than threefold to over $900m to accelerate the expansion of its direct lending business. Investors in the facility include insurance companies, hedge funds, pension funds, and investment management companies attracted to the strong performance of the portfolio.