Kabbage
Kabbage was an online financial technology company based in Atlanta.
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 as American Express Business Blueprint.
History
Kabbage launched and began providing loans in May 2011. In 2012, it opened its San Francisco office and subsequently raised $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 lent over $1B each year to small businesses. On October 16, 2020, Kabbage was acquired by American Express and was subsequently rebranded as American Express Business Blueprint.
In October 2022, Kabbage d/b/a K Servicing filed for Chapter 11, [Title 11, United States Code|Chapter 11 bankruptcy] following a report by the United States Congress which suggested it might have facilitated fraudulent Paycheck Protection Program payouts during the COVID-19 pandemic but the allegations are, as of yet, unsubstantiated.