Kabbage Announces Plans To Expand It’s Lending Program
According to Business Week Kabbage.com has plans to rapidly expand their business model. Founded in 2011 Kabbage has been working closely with eBay and other eCommerce sellers to provide a new model for financing small business. This new model relies less on credit scores and more on past success selling online. In a matter of minutes Kabbage can examine all you past online sales data and determine how much money you can borrow.
Kabbage CEO Explains The Process
Chairman Marc Gorlin says the company will take advantage of Intuit’s (INTU) popular accounting software, which has more than 4 million small business users, to analyze sales, payroll, and other data with “eyes wide open.” Many factors, such as a company’s hiring history and the number of vendors it works with, help inform Kabbage’s financing decisions. “It’s not any one data point; it’s tying it all together,” says Gorlin.Gorlin thinks banks could take advantage of Kabbage’s technology to increase their financing options. “We want to bring automation to the banks,” he says, “whether it’s through a white-label product or they do it through Kabbage.”
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