Kabbage

Kabbage was an online financial technology company based in Atlanta, Georgia.

The company provided unsecured loans and funding directly to small businesses and consumers through an automated lending platform. In 2020, the company was acquired by American Express and its mobile app was rebranded to American Express Business Blueprint.

History

Kabbage publicly launched and began providing loans in May 2011. In 2012, it opened its San Francisco office and subsequently raised US$30 million in Series C financing. Beginning in February 2013, the company expanded internationally, entering the United Kingdom and raising further debt financing. Between 2014 and 2017, the company raised a further $435M in equity funding, and $970M in debt financing.

At its peak, Kabbage was lending over $1B each year to small businesses.

On October 16, 2020, Kabbage was acquired by American Express and was subsequently rebranded to American Express Business Blueprint.

In October 2022, Kabbage filed for Chapter 11 bankruptcy following a report by the United States Congress that revealed it had facilitated large numbers of fraudulent Paycheck Protection Program payouts during the COVID-19 pandemic.

Product

Kabbage provided small businesses with debt facilities. In March 2020, Kabbage suspended lending services for active and new customers in favor of offering loans to U.S. businesses through the PPP (Paycheck Protection Program) introduced as part of the Trump administration's COVID-19 economic stimulus package.

References