AltFi.com uses cookies on this website. They help us to know a little bit about how you use our website, which improves the browsing experience and marketing - both for you and for others. They are stored locally on your device. By continuing to use this site you accept this use of cookies. Go to the Privacy and Cookies page for more information. You'll see this message only once.
Not signed in. Log in here.

Your daily download of all things alternative finance and fintech, from us at AltFi


 

Online lender Kabbage hits $4bn landmark in SME loans, hires new COO




By Emily Nicolle on 6th December 2017


The US-based financial services, technology and data platform is seeing significant growth year-on-year, according to latest results.

 

The firm has now extended over $4bn to more than 130,000 small businesses, serving the largest customer base than any other online SME lender.

 

The latest numbers represent an approximate 30 per cent increase in total funding and total customers since the company’s last milestone in April this year. The platform attributes its high growth rate to its fully-automated lending technology.

 

Kabbage has also announced a new addition to its team, as Robert Sharpe joins the company as its chief operating officer (COO). With more than 20 years of executive leadership in North America, Europe and Asia, Sharpe will be responsible for Kabbage’s continued growth and operational oversight as the firm expands internationally and scales up to serve more and larger small businesses.

 

“Having focused on delighting customers, product innovation, operational excellence and global expansion throughout my career, I am excited to contribute the benefits of these experiences to Kabbage’s mission of driving small business success,” said Sharpe.

 

Just last month, Kabbage secured a $200m credit facility from Credit Suisse, raising its total debt funding facility up to $750m. The company also issued what it describes as the online small business lending’s sectors largest securitisation to date earlier this year – a $525m transaction.

 

“Our success is rooted in never losing sight of the customers’ needs and in building a team that believes in, and acts upon, the company’s vision,” said Kabbage co-founder and president, Kathryn Petralia.

 

“With Bob as COO, we have a seasoned leader with a shared dedication to our vision and a proven record of successfully leading rapidly scaling companies.”

 

Comments


Enter your name:

Enter a comment in the box below: