ING has taken an equity stake in US based fintech company Kabbage, a leading technology and data platform powering automated lending to small and medium enterprises (SMEs). The investment is part of a financing round in which Kabbage raised USD 135 million of capital.
Since launching in Atlanta only four years ago, Kabbage has grown to provide $1 billion in funds annually to consumers and SMEs, making it one of the fastest-growing companies in small business finance. Kabbage substantially speeds up the process of loan application and approval, allowing SMEs with an existing business account to get a loan of USD 2,000 to USD 100,000 within a few minutes based on real-time business data, according to ING.
