Hints and tips:
...Kabbage says it facilitated 300,000 PPP loans worth over $7bn....
...“We are certainly still seeing strong demand,” said Kathryn Petralia, president of Kabbage....
...Kabbage’s loans totalled $2.8bn last year and it has lent more than $8bn since its founding in 2008. SoftBank invested $250m in the lender in mid-2017....
...Nevertheless, KBRA also said it had placed 10 small business securitisations on watch for downgrade, including securities originated by Kabbage....
...Kabbage was able to fund loans through a partnership with a bank before the money ran out. There are other problems, too....
...Kabbage gave up making small business loans altogether, to focus on administering government bailout loans under the Paycheck Protection Program. OnDeck stopped US originations for new clients....
...Follow the money: Kabbage, the US small business lender that shut its lending operation during the Covid-19 crisis, has processed more than $3.5bn in loans for the US Paycheck Protection Program, reports...
...Kabbage was founded in Atlanta nine years ago to provide loans to vendors on eBay....
...Mr Phillips of Kabbage says that losses will naturally rise in a recession but “will run off quickly.”...
...Kabbage is now talking individually to these companies, he said, telling them to go elsewhere for funds....
...That was a concern, said Rob Frohwein, chief executive of Atlanta-based Kabbage....
...Kabbage, the online lender, is cutting off funding to companies that manufacture assault-style weapons or sell guns and ammunition to people under the age of 21....
...Prominent stakes included $159m in driverless car technology company Nauto, $250m in online lending concern Kabbage and $200m for indoor farming group Plenty....
...Santander UK has joined forces with online lender Kabbage to provide small businesses with funding in a matter of hours....
...Lending Club, SoFi, Prosper and Kabbage have all signed deals with traditional financial institutions, ranging from ING to Citizens....
...ING is “seriously exploring” ways of collaborating with Kabbage beyond the investment, the bank said....
...Here’s an alternative view from Santander’s venture arm, which recently invested in Kabbage, a competitor to OnDeck that is also pitching itself as a provider of technology to banks....
...Earlier this month, Kabbage, a privately held small business lender, raised $135m from a trio of banks to bulk up its originations and marketing....
...Anecdotes abound of firms turned away by the likes of Bank of America and JPMorgan Chase, turning instead to regional banks, community lenders or online platforms like OnDeck or Kabbage....
...music and talk of radical disruption of the banking industry, as executives from Lending Club, OnDeck Capital and Prosper rub shoulders with other wholesome-sounding upstarts such as Elevate, Orchard and Kabbage...
...However, unlike alternative lenders such as Lending Club or small business-focused Kabbage, PayPal does not look to make money on the lending itself....
...The other model is P2P lending, such Lufax and PP Dai in China, and Kabbage, Lending Club, Prosper Marketplace in the US and European countries....
...Kabbage worked with Intuit on QuickBooks Financing....
...That was the germ of Kabbage,” he says. From application to cash in the bank for small, mostly online, companies takes seven minutes....
International Edition