Kabbage’s Lending Infrastructure Licensed by a Global Financial Institution
Atlanta, GA (PRWEB) October 21, 2015
Kabbage Inc., the leading technology and data platform powering automated lending and ING, a leading global bank, today announce a strategic partnership to deliver instant capital to small businesses throughout Spain. ING represents the first global bank to leverage the Kabbage Platform™, allowing small businesses to access the capital they need in real time. ING and Kabbage will jointly provide capital through the platform, which aligns their respective interests and creates a unique arrangement in the industry. The companies plan to expand the program to other countries after a successful launch in Spain.
The Kabbage Platform™ provides a comprehensive lending solution to banks and nonbanks seeking to provide their customers with a dramatically better user experience, while simultaneously limiting the impact on internal technology resources. The turnkey platform is fully configurable and can be rapidly deployed.
“This partnership shows we are dedicated to creating a differentiated customer experience. Kabbage’s automated loan application and approval process is both accelerated and incredibly simple for customers. This initiative perfectly fits our strategic priority to increase the pace of innovation,” said Ralph Hamers, Chief Executive Officer of ING. “The partnership is also in line with ING’s approach to launch new services via both our own initiatives and by working together with and investing in financial technology leaders like Kabbage.”
“As financial institutions embrace new lending technology, more and more are turning to Kabbage to provide a superior experience to their customers,” said Rob Frohwein, Kabbage co-founder and Chief Executive Officer. “We are incredibly proud of our partnership with ING, one of the most innovative banks with whom we have worked. Most importantly, we are thrilled to serve the small and medium businesses powering the economy in Spain.”
In conjunction with this press release, Kabbage has launched http://www.kabbageplatform.com to educate bank and nonbank partners worldwide about the value of providing financing to their small businesses and consumers.
About Kabbage Inc.
Kabbage Inc., headquartered in Atlanta, has pioneered the first financial services data and technology platform to provide fully 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. Through its Karrot brand, Kabbage offers simple consumer loans through its automated platform. Kabbage is funded and backed by Reverence Capital Partners, SoftBank Capital, Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, ING, Santander InnoVentures, Scotiabank, TCW/Craton and additional investors, including Ron Conway’s SV Angel, David Bonderman, founder of TPG Capital, and Warren Stephens, CEO of Stephens Inc. All Kabbage and Karrot U.S.-based loans are made by Celtic Bank, a Utah-Chartered Industrial Bank, member FDIC. For more information, please visit http://www.kabbage.com and follow the company on Facebook and Twitter.
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank and holding a significant stake in the listed insurer NN Group NV. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 52,000 employees offer retail and commercial banking services to customers in over 40 countries.
ING Group shares are listed (in the form of depositary receipts) on the exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). Sustainability forms an integral part of ING’s corporate strategy, which is evidenced by ING Group shares being included in the FTSE4Good index and in the Dow Jones Sustainability Index (Europe and World) where ING is the industry leader in the diversified financials group.
For the original version on PRWeb visit: http://www.prweb.com/releases/2015/10/prweb13030464.htm