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.
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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.”
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