Atlanta-based Kabbage partners with ING to fund small businesses in Spain
After having closed a $135m Series E round last week, the US financial services data and technology online platform Kabbage has today announced a partnership with ING to allow Spanish small businesses to access capital in a quick and effective way.
Kabbage provides fully automated funding to small businesses and consumers in just a few clicks and already counts amongst its strategic partners the likes of Sage, Mastercard, Experian and many more. However, ING is the first global bank to have teamed up with the Kabbage platform.
Both parties are excited by the agreement and are planning to replicate the program in other parts of the world, depending on the outcome of the launch in Spain. For Kabbage, this partnership represents new future revenues and a solid stepping-stone into the European markets, which are somewhat lacking in alternative financing activity, compared to UK and US.
Rob Frohwein, Kabbage co-founder and Chief Executive Officer, commented:
“As financial institutions embrace new lending technology, more and more are turning to Kabbage to provide a superior experience to their customers. 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.”
ING now has the chance to gain access to Kabbage technologies, which seem to fit with the company’s willingness to provide customers with innovative and differentiated services. The partnership represents as a powerful channel through which to reach small businesses. As part of the agreement, the bank will focus on providing capital through the Kabbage platform.
Ralph Hamers, Chief Executive Officer of ING, added:
“This partnership shows we are dedicated to creating a differentiated customer experience. Kabbage’s automated loan application and approval process is both accelerated and simple for customers. This initiative perfectly fits our strategic priority to increase the pace of innovation. 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.”
Only last week, ING partnered with another member of the alternative finance space in Seedrs, to help ambitious businesses with a fast-track service for equity crowdfunding. This shows that partnerships of this kind are becoming increasingly common within the alternative finance industry and opens up further possibilities for entrepreneurs to fund their businesses beyond traditional routes.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.