ATLANTA (April 02, 2015) – Kabbage Inc., the leading online provider of small business loans, announced today it has licensed its lending platform in an expansion of its business model. Kikka Capital will launch its new small business lending product in Australia powered entirely by Kabbage technology. The collaboration marks an important step in furthering Kabbage’s core direct lending business and represents significant expansion in its services outside the U.S.
“We continue to lead our sector by developing new opportunities for small businesses to get the funding they need,” said Pete Steger, Kabbage head of business development. “Collaborating with Kikka Capital demonstrates the flexibility of the platform we have developed and allows Kabbage to extend our reach yet again – this time by leveraging our patented technology to power underwriting for our partners.”
The partnership is structured as a technology licensing arrangement whereby Kabbage provides the onboarding, underwriting and monitoring technology platform, while Kikka Capital manages the operations, marketing, funding and loan servicing. Perth-based Kikka Capital will launch its small business lending service in May 2015.
“Working with Kabbage gives us a tremendous opportunity to bring their breakthrough lending technology platform and seamless user experience to small businesses across Australia,” said David Brennan, Kikka Capital founder and managing director. “Launching on the Kabbage platform allows us to dramatically accelerate our entry into small business lending and to manage risk effectively by underwriting businesses in real time, throughout the entire lifecycle of a business.”
The partnership with Kikka Capital also marks international expansion for Kabbage beyond its presence in the United Kingdom. The company’s highly scalable platform licensing model can be leveraged to expand rapidly both domestically and abroad.
About Kabbage Inc.:
Kabbage Inc., headquartered in Atlanta, Ga., has pioneered the first financial services data and technology platform to provide fully automated funding to small business in minutes. Kabbage 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. Through its Karrot brand, Kabbage offers simple consumer loans through its automated platform. Kabbage is venture-¬funded and backed by SoftBank Capital, Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, TCW/Craton and additional investors, including Ron Conway’s SV Angel, David Bonderman, founder of TPG Capital and Warren Stephens, CEO of Stephens Inc. All Kabbage and Karrot U.S.‐based loans are made by Celtic Bank, a Utah‐Chartered Industrial Bank, member FDIC.
For more information, please visit http://www.kabbage.com