Kabbage, Inc., an Atlanta, GA-based global financial services, cash flow technology and data platform for small businesses, closed an asset-backed securitization (ABS) for $700m.
The securitization brings the company’s current debt funding to $940m, including other existing bilateral credit facilities.
The new transaction is issued by Kabbage Asset Securitization LLC, a wholly-owned subsidiary of Kabbage, Inc., and a majority of its proceeds were used to pay down an existing asset-backed securitization transaction. It also reduces the company’s cost of funds compared to its existing ABS by more than 100 basis points.
Kabbage provides a financial services data and technology platform that provides access to automated funding to small businesses in minutes. The company 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.
All Kabbage U.S.-based loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC.
To date, the company has helped more than 170,000 small businesses access over $6.5 billion in funding via its automated underwriting models.
Kabbage is backed by the SoftBank Vision Fund, BlueRun Ventures, Mohr Davidow Ventures and others.