That is the largest equity investment in such lenders outside of China so far, according to data provider CB Insights.
The US-based startup, which operates in North America and Europe, will use the cash to add lending products and other types of financial services, it said in a statement. Kabbage plans to launch in Asia within the next 18 months, according to the company.
Kabbage is among a group of young companies that use digital technologies to lower lending costs and offer credit faster than brick-and-mortar institutions. Founded in 2009, Kabbage sells its technology to large banks to provide credit online, and has provided nearly USD 3.5 billion in funding to small businesses. Its technology powers automated lending for banks Banco Santander SA, ING Groep NV and Scotiabank.
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