US-based SME and Ecommerce lender Kabbage raises $50m
Kabbage is homegrown in the US. Nevertheless, it’s interesting to note that the firm has recently raised $50m in finance to invest in future growth for lending. Kabbage also has eyes on the UK, Europe and Asia as markets, apparently.
Kabbage CEO and founder Rob Frohwein says the money will also be used to develop Kabbage’s big data capacity. He is quoted in Techcrunch as saying the money will fuel Kabbage’s “data reactor, technology that harnesses data energy. We don’t believe in data exhaust; it connotes pollution, a byproduct of a more efficient process. You might as well call it data excrement. We have built a platform that harnesses the value derived from data creation and assimilation, enabling our customers to benefit in a way that was previously unimaginable.”
No. I’m not sure I understand what he means either.
What’s also not clear to me is whether Kabbage is so far getting any traction over here in the UK. They’ve made some initial forays but thus far it’s obvious that IWOCA is winning on this side of the Atlantic. Not least because they are a constant feature at events in the UK and founder Christoph Rieche pops up everywhere. And, of course, the IWOCA meet-ups have been a huge success in recent years and there are more to come.