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Kabbage, Inc. is an Atlanta based, online financing corporation invested in providing working capital to online merchants as they list products for sale, leveraging information generally available on online marketplaces to assess risk and help determine advance amounts and related fees. Kabbage was founded by Robert Frohwein in 2008. Online merchants generated more than $48 Billion in 2008, on eBay alone, but a large segment of online retailers is underserved for financial services products because traditional underwriting and funding criteria do not account for a ‘virtual’ commerce business model, or the value of recently sold inventory. [1]
Kabbage advances are based on a number of factors, including, but not limited to, a seller’s rating, time in business, transaction volume, and the seller’s credit score. Single advances range between $400 and $20,000, based on these factors.
Currently, Kabbage advances are only available to merchants who sell on eBay and Amazon, but will be available to sellers on marketplaces such as Yahoo, Etsy, and Bonanza, in the near future.
As of its last round of investing, Kabbage has raised around $9 Million from a number of accredited investors. Kabbage has grown to forty-eight states since credit lines opened in April/June/? of 2010.
Notes
- ^ www.kabbage.com
References
- www.kabbage.com