Kabbage

Kabbage Inc.

File:Kabbage logo.png
Type of site	Financial services
Dissolved	2020 (2020)
Successor	American Express Business Blueprint
Owner	American Express
Created by	Rob Frohwein Kathryn Petralia Marc Gorlin
Revenue	$200 million(2017)
URL	kabbage.com
Launched	February 12, 2009 (2009-02-12)
Current status	Redirected

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 (an entity which was not acquired by American Express) filed for 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.

Purpose

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.