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Amex acquires fintech Kabbage

Tuesday 18 August 2020 12:04 CET | News

American Express has announced a deal to buy Kabbage, a US-based fintech startup that helps with providing funds for small businesses, according to Forbes.

Kabbage has been rumored to be an acquisition candidate for some time. The agreement calls for American Express to acquire Kabbage’s team and its full suite of financial technology products, data platform, and IP built for small businesses. Through these products, American Express plans to offer a broader set of cash flow management tools and working capital products to its small business customers in the US.

Kabbage’s pre-existing loan portfolio—which includes those tied to the federal government’s Paycheck Protection Program—is not part of the deal. Rather, the portfolio will be managed and retained by a dedicated entity after the deal’s completion. Terms of the deal, expected to close later in 2020, weren’t disclosed. 

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Keywords: Amex, Kabbage, American Express, US, United States, fintech, startup, small businesses, funding, acquisition, financial technology, data platform, IP, cash flow management, working capital, loans, Paycheck Protection Program
Categories: Banking & Fintech
Companies:
Countries: United States
This article is part of category

Banking & Fintech

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