Kabbage, a lender for small businesses, has signed an agreement to acquire Radius Intelligence, a small-business data platform.
The financial terms of the deal were not disclosed.
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The acquisition will provide Kabbage with access to Radius Intelligence’s assets, which include information of more than 20 million small businesses operating in the US.
The database will eventually help the acquirer in delivering data-driven cash flow solutions to the small businesses, Kabbage noted in a statement.
Kabbage CEO Rob Frohwein said: “Data has always been our competitive advantage, and Radius strengthens it by adding millions of new and verified small business insights to our platform.
“These new technology and data-analysis capabilities further differentiate us from other SMB-focused FinTech companies as we dramatically expand our product set and service platform to address the unique cash flow needs of small businesses.”
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By GlobalDataThe acquisition will also strengthen Kabbage’s team by 20 people at its staff San Francisco office. Radius CEO Joel Carusone will also switch to Kabbage and will work to integrate the two businesses.
Carusone said: “As a company dedicated to small business analytics and data management, we’ve always had a deep respect for Kabbage’s data-driven technology and focus.
“Our companies have complementary technical architectures and domain experience for decision making. With Kabbage, we can build a more sophisticated analytics solution to identify, reach and serve small businesses.”
The Radius Intelligence acquisition comes few months after Kabbage secured $700m in asset-backed securitisation (ABS) funding.
