In 2015, we launched the Kabbage Platform to fundamentally transform the digital experience for banks and for their dynamic, global customer bases. Since then, Kabbage has made tremendous strides in just a few short months: we recently announced to help boost growth for business customers in Spain, and launched in the United Kingdom with Santander to for nearly 5.4 million UK small business who can now access working capital online.
We’re thrilled to announce today that Kabbage will be deployed by a third international bank within six months! Scotiabank and Kabbage have partnered to provide small business customers with a new, in Canada and Mexico. Scotiabank customers will be able to apply for and access a small business loan up to $100,000 within minutes, and the partnership will provide fully automated onboarding, underwriting, servicing and ongoing monitoring throughout the customer lifecycle.
The Bank is piloting the new lending program in Canada and Mexico through a phased-in approach, beginning by offering the service to its more than 100,000 current non-borrowing small business customers in the two launch markets. Existing small business customers, currently not borrowing from Scotiabank, will be able to apply beginning July 2016. Scotiabank Mexico customers will be able to apply for a Scotiabank Kabbage loan beginning August 2016.
Employing more than 8.2 million Canadians, small businesses represent 97.9% of Canada’s employer businesses. And, according to the National Institute of Statistics and Geography in Mexico (INEGI), from the nearly 5 million enterprises in Mexico, over 90% are small businesses. With this partnership, both companies are poised to provide businesses with access to capital that can be used for a wide variety of business interests – from hiring and training employees to purchasing tools and equipment or marketing expenses.
Scotiabank will brand its new online, small business lending offering and offer it through the Bank’s branches and its online websites. The seamless customer experience with the online application, automated decisioning in minutes, and ongoing monitoring will all be powered by Kabbage.
We are thrilled to announce this next step in our journey to deliver an unmatched customer experience for business borrowers, while allowing top global banks to better serve even more customers with increased operating efficiency, and level of service SMBs need and require to grow.
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