Bank Technology News recently named Rob Frohwein, founder and CEO of Kabbage, as one of the top 10 innovators of the year. Kabbage, along with yet-to-be-launched Movenbank, were the only two non-banks to make the list.
In the article, Rob and Kabbage are recognized for the unique business model that aims to provide working capital to small businesses in a matter of minutes.
Bank Technology News interviews Frohwein about the startup:
“Although the company is not profitable yet, ‘we could be profitable tomorrow,’ Frohwein says. ‘Our business is large and most of the people working here are working on improvements to the system and we’re absorbing some losses.’ Changing the strategy to focus on profitability is a simple decision, he says.”
It also provides some additional data:
- Been in operation for 3 years
- Helped over 4,000 small businesses
- Extended over $14 million
- 20% of users have opted to allow UPS to share their shipping information with Kabbage. Read about that feature here.