The story
Kabbage launched and began providing loans in May 2011. In 2012, it opened its San Francisco office and subsequently raised $30 million in Series C financing. Beginning in February 2013, the company expanded internationally, entering the United Kingdom and raising further debt financing. Between 2014 and 2017, the company raised a further $435M in equity funding, and $970M in debt financing.
At its peak, Kabbage lent over $1B each year to small businesses. On October 16, 2020, Kabbage was acquired by American Express and was subsequently rebranded as American Express Business Blueprint.
In October 2022, Kabbage d/b/a K Servicing (an entity which was not acquired by American Express) filed for Chapter 11 bankruptcy following a report by the United States Congress which suggested it might have facilitated fraudulent Paycheck Protection Program payouts during the COVID-19 pandemic but the allegations are, as of yet, unsubstantiated.
From Wikipedia’s article on Kabbage, shared under CC BY-SA 4.0.5