Leena Rao currently works as a writer for TechCrunch. She recently finished graduate school at the Medill School of Journalism at Northwestern University, where she studied business journalism and videography. From 2004 to 2007, she helped lead Congresswoman Carloyn Maloney’s community outreach and relations efforts in New York City. She graduated from Columbia University in 2003, where she was… → Learn More
Atlanta-based startup Kabbage, which provides working capital to online merchants, has closed $12 million in debt financing from Western Technology Investment. In August, Kabbage raised $17 million from BlueRun Ventures, David Bonderman, founder of TPG Capital; Warren Stephens, CEO of Stephens; the UPS Strategic Enterprise Fund, Jim McKelvey, co-founder of Square; and others.
Kabbage, which was founded by Marc Gorlin, Rob Frohwein and Kathryn Petralia, is essentially a way for online merchants and sellers on marketplaces like eBay and Amazon to get capital they otherwise wouldn’t qualify for at a bank. Kabbage uses technology to analyze online merchants’ sales and credit history; customer traffic and reviews; and prices and inventory compared to competitors. And merchants can proactively add information to their Kabbage account to immediately increase their access to capital.
Via PayPal’s Adaptive Payments API, Kabbage makes cash advances available to eBay and other online marketplace sellers fairly quickly (Kabbage says that many transactions take as little has ten minutes). Kabbage is currently available only to U.S. businesses.
The new financing will allow Kabbage to expand the working capital available to its customer base of more than 10,000 e-commerce companies.
Learn more
http://tourism9.com/
Kabbage, which was founded by Marc Gorlin, Rob Frohwein and Kathryn Petralia, is essentially a way for online merchants and sellers on marketplaces like eBay and Amazon to get capital they otherwise wouldn’t qualify for at a bank. Kabbage uses technology to analyze online merchants’ sales and credit history; customer traffic and reviews; and prices and inventory compared to competitors. And merchants can proactively add information to their Kabbage account to immediately increase their access to capital.
Via PayPal’s Adaptive Payments API, Kabbage makes cash advances available to eBay and other online marketplace sellers fairly quickly (Kabbage says that many transactions take as little has ten minutes). Kabbage is currently available only to U.S. businesses.
The new financing will allow Kabbage to expand the working capital available to its customer base of more than 10,000 e-commerce companies.
Kabbage provides financing options for online merchants. Kabbage provides financing to online sellers, leveraging information generally available from online marketplaces to assess risk and help determine advance amounts and related fees and interest. There is a rapidly growing delta between small-to-medium businesses’ need for credit and its availability from traditional sources. For the large and growing segment of online retailers who offer their products via online marketplaces, representing over $48 billion on Ebay alone in 2008, the…
http://tourism9.com/
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