Kabbage, Inc., an Atlanta-based financial services, technology and data platform serving small businesses, is to acquire Orchard, a provider of technology and analytics for online lending and financial services.
The amount of the deal was not disclosed.
The acquisition – subject to customary closing conditions – will allow Kabbage to integrate Orchard’s technology platform for enhanced data capabilities, and will accelerate future product development and services for its strategic partners and small business customers.
Orchard’s CEO and co-founder, Matt Burton, as well as Chief Analytics Officer and co-founder, David Snitkof, will both join Kabbage in leadership roles upon the closing. In total, Kabbage will add more than twenty Orchard employees who are focused on advanced analytics, data science and engineering to its New York City office.
Led by CEO Rob Frohwein, Kabbage provides a financial services data and technology platform giving access to automated funding to small businesses. It 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.
Kabbage powers small business lending for ING, Santander and Scotia Bank across Canada, Mexico, Spain, the U.K., Italy and France.