Kabbage, an online lender for small businesses, has secured a $200m asset-backed revolving credit facility from Credit Suisse.
The online lender intends to use the credit facility to expand its reach to more large and small businesses.
Earlier this year, Kabbage secured $250m in funding from a subsidiary of SoftBank Group. The latest funding takes Kabbage’s total debt-funding capacity to $750m.
Kabbage head of capital markets Deepesh Jain said: “The new, DBRS-rated facility, provided by Credit Suisse, speaks to Kabbage’s maturity in the financial markets and gives us diverse funding options to serve our small business customers.
“To earn an investment-grade rating requires a rigorous evaluation of not only our lending models, automated risk analysis, and successful history of reducing bad debt to an industry-low, but also our operational processes-from exceptional customer service to unmatched technology development.”