Kabbage Inc., an Atlanta, GA-based global financial services, technology and data platform serving small businesses, received a $200m asset-backed revolving credit facility from Credit Suisse, a global financial institution.
The new facility – which brings total debt-funding capacity to $750m – aims to enable the company to scale faster to serve more small businesses as it expands into higher lines-of-credit with longer terms tailored to the needs of its customers.
In March 2017, Kabbage issued the largest securitization to-date in the online small-business lending space, which was followed by a $25 million upsize in August 2017. The new revolving credit facility will be issued by Kabbage Asset Funding 2017-A LLC, a wholly owned subsidiary of Kabbage Inc.
Kabbage provides a financial services data and technology platform to offer automated funding to small businesses quickly. It leverages data generated through business activity such as accounting data, online sales, shipping and dozens of other sources to understand performance and deliver fast, flexible funding in real time. The company is funded and backed by SoftBank Group Corp., BlueRun Ventures, Mohr Davidow Ventures, Thomvest Ventures, SoftBank Capital, Reverence Capital Partners, the UPS Strategic Enterprise Fund, ING, Santander InnoVentures, Scotiabank and TCW/Craton.
All Kabbage U.S.-based loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC.