Getting a loan for many small businesses remains a struggle — and that's where Kabbage comes in. Disruptor50
Funding: $489 millionKey technologies: Artificial intelligence, cloud computing, machine learningSmall businesses are continuously touted as the lifeblood of the U.S. economy, but it doesn't seem like the big banks know that. Getting a loan from any of the majors remains a struggle — and that's where Kabbage comes in.
Last year Kabbage funded more than $2 billion to small businesses — one third of its total funding since 2011. It now lends about $10 million a day to customers with rates that range from 1.5% to 10%, depending on the performance factors of the business that are evaluated. In January, Kabbage partnered with Chinese e-commerce giant Alibaba on a program called Pay Later. It allows U.S. small businesses on Alibaba.com to access up to $150,000 of financing for their orders. The fintech has raised $489 million in funding so far from SoftBank, Santander Bank and others.
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