 | |
Type of site | Financial services |
|---|---|
| Owner | American Express |
| Created by |
|
| Revenue |  $200 million(2017) |
| Launched | February 12, 2009 |
| Current status | Online |
Kabbage, Inc. was an online financial technology company based in Atlanta, Georgia. [1] The company provided funding directly to small businesses and consumers through an automated lending platform. [2] In 2020, the company was acquired by American Express and its mobile app was rebranded to American Express Business Blueprint. [3]
Kabbage publicly launched and began providing loans in May 2011. [4] In 2012, it opened its San Francisco office and subsequently raised US$30 million in Series C financing. [5] [6] Beginning in February 2013, the company expanded internationally, entering the United Kingdom [7] and raising further debt financing. [8] Between 2014 and 2017, the company raised a further $435M in equity funding, and $970M in debt financing.
At its peak, Kabbage was lending over $1B each year to small businesses.
On October 16, 2020, Kabbage was acquired by American Express and was subsequently rebranded to American Express Business Blueprint. [3]
In October 2022, Kabbage filed for Chapter 11 bankruptcy following a report by the United States Congress that revealed it had facilitated large numbers of fraudulent Paycheck Protection Program payouts during the COVID-19 pandemic. [9] [10] [11]
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. [12]
LendingTree is an online lending marketplace, founded in 1996 and headquartered in Charlotte, North Carolina. The business platform allows potential borrowers to connect with multiple loan operators to find optimal terms for loans, credit cards, deposit accounts, insurance, etc. LendingTree allows borrowers to shop and compare competitive rates and terms across an array of financial products. Other additional services include financing tools, comparative loan searches and borrowing information.
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AngelList is a U.S. website for fundraising and connecting startups, angel investors, and limited partners. Founded in 2010, it started as an online introduction board for tech startups that needed seed funding. Since 2015, the site allows startups to raise money from angel investors free of charge. Created by serial entrepreneur Naval Ravikant and Babak Nivi in 2010, Avlok Kohli has been leading AngelList as its CEO since 2019.
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Avant, LLC, formerly AvantCredit, is a private Chicago, Illinois-based company in the financial technology industry. The company was established in 2012 by serial entrepreneur Albert "Al" Goldstein, John Sun, and Paul Zhang. Initially structured as a mid-prime lender, the company issued its first personal unsecured loan in early 2013 using its proprietary technology to determine an individual's creditworthiness.
LendKey is a lending platform and online marketplace that allows consumers to apply for and receive private student loans, student loan refinancing and home improvement loans from their local credit unions and community banks. LendKey's cloud-based tools and infrastructure enable the nation's 13,000+ community financial institutions to enter online lending and offer loans for various asset classes.
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Biz2Credit is an online financing platform for small businesses. The company provides direct funding to small businesses across the United States. The company is known for its financing products, educational resources for business such as the BizAnalyzer, and research that it publishes periodically, including the Small Business Lending Index, and its subsidiary SaaS business lending platform Biz2X.
Utah-based Lendio, founded in 2011 by Brock Blake and Trent Miskin, is a free online loan marketplace in the U.S. targeting small business owners.
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The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses continue paying their workers.
Upgrade, Inc. is an American neobank founded in 2016. It has raised $600 million in equity funding and made over $10 billion in loans since its launch in 2017. Upgrade is headquartered in San Francisco, California with offices in Phoenix, Arizona and Montreal, Quebec, Canada. The company offers credit and banking products to consumers and delivers fixed-rate credit cards and loans. The company's other services include credit monitoring and education tools.
EarnIn is a financial services company that provides earned wage access services. Founded as Activehours in 2013, the app launched in May 2014. The company's business model, which is based on users paying voluntary "tips" to withdraw earned wages ahead of time, has been compared to payday lending services. It expanded its services in 2019 to include negotiating with doctors and hospitals to lower its users' medical bills. In 2020, EarnIn acquired and implemented a new savings feature, Tip Yourself.
