Kabbage

Kabbage

Company type	Private
Industry	Financial technology
Founded	2009
Fate	Acquired by American Express in 2020
Headquarters	Atlanta, Georgia , United States
Products	Unsecured loans and financing for small businesses and consumers
Parent	American Express (since 2020)

Kabbage operated as a digital financial technology firm headquartered in Atlanta, Georgia.

This enterprise specialized in delivering unsecured loans and financing directly to small enterprises and individual consumers via an automated lending system. In 2020, it was purchased by American Express, which subsequently rebranded its mobile application as American Express Business Blueprint.

History

Kabbage officially commenced its lending services in May 2011. By 2012, the company had established an office in San Francisco and secured $30 million through Series C funding. Starting February 2013, Kabbage extended its operations internationally to the United Kingdom and obtained further debt financing. From 2014 to 2017, the firm raised $435 million in equity capital alongside $970 million in debt.

At its height, Kabbage provided more than $1 billion annually in loans to small businesses.

On October 16, 2020, the company was acquired by American Express and its platform was renamed American Express Business Blueprint.

In October 2022, Kabbage operating as K Servicing (which was not included in the American Express acquisition) filed for Chapter 11 bankruptcy after a United States Congress report implied it may have enabled fraudulent disbursements under the Paycheck Protection Program during the COVID-19 pandemic. These claims have not been proven.

Product

Kabbage offered credit facilities tailored for small businesses. In March 2020, it paused lending activities for both existing and new clients to prioritize issuing loans through the Paycheck Protection Program (PPP), part of the COVID-19 economic relief efforts initiated by the Trump administration.