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.”
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.