Small businesses are core to economic growth in the United States, and overseas. In fact, according to the SBA, small businesses provide 66% of all net new jobs within the U.S. and nearly two-thirds of the total private sector employment in the EU. With the surge of new, data-driven technologies focused in financial services – from online payments to mobile banking to automated lending – independently owned businesses can now be more productive and competitive with increased access to these financial technology solutions that also offer a best-in-class user experience.
We are thrilled to announce that Santander UK, a subsidiary of BancoSantander, one of the world’s largest banking institutions, has partnered with Kabbage to accelerate platform lending for its SMB customer base throughout the United Kingdom. This is the first time small and medium sized businesses in the UK will have the opportunity to connect to a premiere lending platform that provides access to capital within a matter of minutes. The offer will be launched to a beta group of customers in April, and will be more widely available in the coming months to qualifying Santander UK banking customers.
Since 2009, Kabbage has revolutionized the global lending infrastructure with its 100% automated platform to directly power lending for businesses and individuals. By securely linking to key data sources, including checking accounts, payments providers and transaction receipts, Kabbage gains an accurate picture of the financial health of a business to help them make better borrowing decisions. Kabbage also offers qualified businesses with a line of credit up to $100,000 which can be used for a wide variety of business interests – from hiring and training employees to purchasing tools and equipment or marketing collateral. Plus, customers can withdraw from their account once a day, at virtually any time.
Today’s announcement marks the second deployment of the Kabbage Platform by a top global bank in the past six months. We began licensing our lending Platform directly to financial institutions in March 2015 to provide our banking partners with a simpler, more precise lending option to meet their customers’ needs, all at a lower IT cost.
We’re excited for future developments of this collaborative endeavor, particularly as we continue to invest in our Platform technology, and work with other key partners like Santander UK to deliver fintech innovation worldwide.
To learn more about the Kabbage Platform, visit www.kabbageplatform.com.