Kabbage, a global financial services, technology and data platform serving small businesses, extended more than $4 billion to more than 130,000 small businesses, serving the largest customer base than any online small business lender.
The company said these landmarks represent an approximate 30% increase in total funding and total customers served since the company’s last milestone announcement in April 2017. With over 1.5 million live data connections with its customers, Kabbage’s high growth is attributed to its fully-automated lending technology as it continues to be a trusted lending partner to tens of thousands of small businesses across all industries in all 50 U.S. states.
Robert Sharpe also joined the company as its chief operating officer. Sharpe has more than 20 years of executive leadership in North America, Europe and Asia. He has successfully held various C-level positions, including president, chief executive officer and chief operating officer with multiple global consumer goods companies, each serving tens of thousands of customers and generating billions of dollars in revenue.
With an additional 10 years of commercial banking and corporate finance experience, Sharpe will be responsible for Kabbage’s continued growth and operational oversight as the company expands internationally and scales its services to serve more and larger small businesses.
“Having focused on delighting customers, product innovation, operational excellence and global expansion throughout my career, I am excited to contribute the benefits of these experiences to Kabbage’s mission of driving small business success,” said Sharpe. “Kabbage is a well-established leader thanks to the vision and leadership of co-founders, Rob Frohwein and Kathryn Petralia, and its unrelenting focus on customer experience, technology innovation and creating an unmatched culture.”
“Our success is rooted in never losing sight of the customers’ needs and in building a team that believes in, and acts upon, the company’s vision,” said Kabbage Co-Founder and President Kathryn Petralia. “With Bob as COO, we have a seasoned leader with a shared dedication to our vision and a proven record of successfully leading rapidly scaling companies.”
During 2017, Kabbage reached major milestones, including:
Atlanta-based Kabbage has pioneered a financial services technology and data platform to provide automated funding to small businesses 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.
Kabbage is funded and backed by leading investors, including SoftBank Group, BlueRun Ventures, Mohr Davidow Ventures, Thomvest Ventures, SoftBank Capital, Reverence Capital Partners, the UPS Strategic Enterprise Fund, ING, Santander InnoVentures, Scotiabank and TCW/Craton.
All Kabbage U.S.-based loans are issued by Celtic Bank, a Utah-chartered industrial bank.
The U.S. construction industry started the year with high hopes and expectations. Our stakeholders strongly anticipated increased work, lower regulations and a friendlier business environment. It didn’t matter who was speaking, the buzz was overwhelmingly positive. Much of this feedback... read more
Based on a study I completed, I predict the worldwide availability of bank lending will shrink by $2.6 trillion dollars in 2019 when banks transition to the new lease accounting rules (Topic 842 in the U.S. and IFRS 16 for... read more