The lender is set to expand its offering to include payments services by year-end, with plans to rival giants like PayPal and Jack Dorsey's Square.
Confirmed by its president Kathryn Petralia on Monday, Kabbage is planning to diversify and launch payments processing services by the end of the year. In an interview with Reuters, Petralia said that the platform will be launching tools that will enable its business clients to accept card payments for services in-store and online.
She commented that the new effort was in response to a “huge pain point around cash flow management”, adding that Kabbage hopes the move would deepen its relationship with customers.
The platform recently also confirmed that it is in the process of acquiring rival online lender Orchard, subject to standard closing conditions. Rumours first broke of the acquisition earlier this month, but neither side chose to comment. We now know that the deal will allow Kabbage to integrate Orchard’s technology platform into its own, driving enhanced data capabilities and furthering its product development.