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Kabbage, the Atlanta based online lender has raised a $135m Series E. The company also increase its credit facility to $900m. The valuation was not disclosed but the company is believed to be valued at more than $1b. The round was led by Reverence Capital Partners with participation from ING, Santander, and Scotiabank.
The investment will be used to expand the company’s business deeper into consumer lending, as well as internationally. Its consumer Karrot platform was launched last year to complement Kabbage’s primary loans business focused on online merchants and other SMBs. “We’re at the precipice of a large expansion of Karrot,” Frohwein says. Today it represents 10 percent of our business and will be between 25 percent and 30 percent of our business by next year.” The Series E comes from a list of both financial and strategic investors — which, in the case of a financial tech startup can often be one and the same. The round was led by Reverence Capital Partners, a regular investor in finance businesses; with participation also from several of the world’s biggest banks: Holland’s ING, Spain’s Santander (via InnoVentures); and Canada’s Scotiabank.
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