Kabbage, a US-based technology company offering small businesses with cash flow solutions, has introduced custom loans for Kabbage Payments customers.
The product is expected to provide small and medium-sized businesses (SMBs) more access to fulfil their short-term funding needs and effectively manage their cash flows.
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Integrated with Kabbage Paymentsm the custom loan product marks the first of many new solutions from Kabbage.
How it works:
Through Kabbage Payments, SMBs can choose any term between three to 45 days and receive the loan for a onetime fee starting from 0.1%.
SMBs can make the repayment in full when the loan reaches maturity, or else can allocate up to 100% of Kabbage Payments revenues towards the outstanding balance.
Kabbage CEO Rob Frohwein said: “As a former small business owner, I know managing cash flow is a major headache.
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By GlobalData“We designed our custom loan product to recognize these inherent challenges and provide our customers with even more flexible funding to better manage their businesses.”
Kabbage Payments features:
Kabbage Payments offers a pool of features including unlimited online invoicing, next-day deposits, zero monthly fees and free customer support.
Customers can get paid via email, text and the web within 24 hours through its exclusive pay link feature.
New clients can sign up for free and save more money with a low fee of 2.25% per credit-card transaction until June.
Management consulting firm Stronghold Training owner Thom Pirone commented: “I needed something I could sit down and use instantly and intuitively. Kabbage Payments is perfect for a small business owner who wants to start generating invoices and getting paid today.”
Headquartered in Atlanta, Kabbage has provided access to over $9bn of working capital to more than 200,000 SMBs.
Kabbage is funded and backed by SoftBank Vision Fund, BlueRun Ventures, Mohr Davidow Ventures, and others.
