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Tracking fintech, banking & financial services innovations since 1994
Of the 500 fastest growing technology companies in North America right now, how many have demonstrated their technology live on the Finovate stage?
The answer, courtesy of Deloitte’s just-released 2019 Technology Fast 500 ranking, is a full, baker’s dozen of thirteen innovative firms that have introduced their solutions to Finovate audiences. Update: 11/13: Make that 14 companies!
“This year marks the 25th anniversary of Deloitte’s Technology Fast 500, so we are especially pleased to announce and congratulate the 2019 winners,” Deloitte Vice Chairman Sandra Shirai said. “Once again, we saw innovation across the board, with software companies continuing their dominance of the top ten. It’s always inspiring to see how the Fast 500 companies are transforming business and the world we live and work in.”
Making the top 20 of Finovate alums making the cut was Unison, which made its Finovate debut at FinovateSpring in 2017, winning Best of Show. Unison’s HomeBuyer and HomeOwner solutions help make homes more affordable and home equity easier and less expensive to access.
Also notable on Deloitte’s list is the appearance of two of our newest alums – SheerID and EVERFI – which demonstrated their solutions earlier this year at FinovateSpring.
Check out all the Finovate alums that made the list below. We’ve included their Technology Fast 500 rank, three-year revenue growth rate, headquarters location, and a link to the company’s most recent Finovate demo video.
The “everyday entrepreneurs” of GoDaddy just got access to a new financing option. The web hosting innovator has teamed up with online lending and technology platform Kabbage to enable its business customers to apply for and receive a Kabbage line of credit of up to $250,000 in a matter of minutes if approved.
“Our customers tell us all the time that flexible funding is critical to grow and run their businesses; new opportunities make it important to be able to access capital, quickly whether for online marketing, inventory or purchasing new equipment,” Kabbage CRO Laura Goldberg explained. “They simply can’t afford to wait weeks or months for a loan approval.”
The flexible lines of credit also mean that business borrowers are not obligated to make withdrawals. There is no fee for applying for Kabbage funding, and borrowers pay nothing until they access the funds. “Our customer base of over 200,000 small businesses across the U.S. understands the value of accessing the exact amount of funding they need when they need it,” Goldberg said.
In a statement, Kabbage and GoDaddy highlighted the role that a lack of capital played in undermining small business digital marketing efforts, in particular. Citing a survey of 500+ entrepreneurs, the companies noted that small businesses typically pointed to a lack of money as the main reason for not growing their presence online.
“We know that a lack of capital for marketing and other core activities remains a major roadblock to accelerate growth,” GoDaddy VP of global market operations Melissa Schneider said. “Our partnership with Kabbage is key in our ongoing mission to empower our customers and provide them with the resources they need to fuel their business needs.”
GoDaddy has more than 18 million customers and 9,000+ employees around the world. Headquartered in Scottsdale, Arizona, the company had 2017 revenues of $2.2 billion and a net income that same year of more than $15 million. Founded in 1997, GoDaddy is publicly-traded on the New York Stock Exchange under the ticker GDDY. The company has a market capitalization of $11 billion.
Founded in 2009, Kabbage demonstrated its Kabbage Card – which links directly to the customer’s Kabbage line of credit – at FinovateSpring 2015. More recently, the company announced that it was getting into the payments business with the launch of a new SME payments solution, Kabbage Payments. Also this fall, the Atlanta, Georgia-based company acquired fellow Finovate alum Radius, adding insights into millions of small businesses to its platform.
Kabbage is also an alum of our developers conference, FinDEVr SiliconValley 2015. At the event, the company’s Chief Technical Officer demonstrated how developers can use the Kabbage platform to accelerate the lending process.
With the launch of Kabbage Payments, SME cash flow management solution provider Kabbage is ready to help small businesses get paid, as well as get funded.
“Since 2011, we’ve helped hundreds of thousands of small businesses access over $8 billion in funding,” Kabbage CEO Rob Frohwein said. “We know first-hand a primary need is to cover cash-flow gaps while waiting to be paid.”
Currently available to Kabbage customers and scheduled for public availability “soon,” the new payment solution from Kabbage will feature no-fee, unlimited, online invoicing; next-day deposits; low costs for card payments (cash and check payments free); and a dashboard that provides a view of all payments activity in a single location.
One standout feature of the new solution is a custom pay link that is especially geared toward SMEs that rely on invoice payments. Customers using Kabbage Payments will be able to create a unique URL for their business that enables them to send payment requests by text, email, or the web to collect card payments. With this secure, fast, and flexible option, there is no need to create new accounts manually or open new payment orders, and avoids having to do duplicate work for recurring invoices.
“Kabbage Payments not only expands our suite of products, but the very definition of our company. We deeply believe in the mission of small businesses and understand what they need to succeed – namely, more time building their businesses and less time worrying about cash flow,” Frohwein said.
Kabbage demonstrated its Kabbage Card offering at FinovateSpring 2015. Part of the company’s “Kabbage Everywhere” product expansion, the Kabbage Card makes it more convenient for small business owners to use their Kabbage line of credit while on the go. More recently, the company has launched an interactive index analyzing U.S. SME revenue trends, acquired small business insights firm Radius Intelligence, and closed a new, four-year, $200 million revolving credit facility. This transaction followed Kabbage’s massive $700 million securitization – the largest ever by a small business online lending platform – announced this spring.
Earlier this month, Kabbage announced that its customers had accessed more than $715 million in funding via its platform in Q3, and that 42,000+ unique customers were added year-to-date, which tops 2018’s 37,000 total customer gain. At the same time, the company noted that the core of its funding activity comes from repeat customers, who represent more than 75% of all funding activity on the platform and more than $6 billion of the $8+ billion accessed to date.
“It’s essential to have a business model that’s built on scalable long-term growth, and repeat business is a critical metric,” Frohwein said. He praised the platform’s ability to “re-underwrite customers daily,” providing SMEs with a 24/7 source of funding. “Thanks to the speed at which our technology allows us to serve them, we’ve seen record highs,” Frohwein said, “serving nearly 1,900 small businesses who have accessed over $13 million in a single day.”
Founded in 2009, Kabbage is headquartered in Atlanta, Georgia.
Small business financing company Kabbage has made a purchase that will help it get to know the world of SMEs all the better. In a deal announced today, Kabbage will acquire small business intelligence firm, and fellow Finovate alum, Radius, adding insights from more than 20 million U.S. small businesses to its platform.
Terms of the deal were not disclosed. Upon the successful closing of the acquisition, Kabbage said in a statement that it will add “nearly 20 team members” from Radius to its offices in San Francisco, including Radius CEO Joel Carusone, to help support the integration of the two platforms and the two companies.
“Data has always been our competitive advantage, and Radius strengthens it by adding millions of new and verified small business insights to our platform,” Kabbage CEO Rob Frohwein said. “These new technology and data-analysis capabilities further differentiate us from other SMB-focused fintech companies as we dramatically expand our product set and service platform to address the unique cash flow needs of small businesses.”
Expressing a “deep respect for Kabbage’s data-driven technology and focus,” Radius’ Carusone highlighted similarities between the two firms. “Our companies have complementary technical architectures and domain experience for decision making,” he said. “With Kabbage, we can build a more sophisticated analytics solution to identify, reach, and serve small businesses.”
San Francisco, California-based Radius was founded in 2009. The company demonstrated its platform at FinovateSpring 2014, showing how it leverages big data to gain insights into more than 27 million small and medium-sized businesses. This information helps FIs find the best customer segments, build efficient and accurate targeted lead lists, and measure the success of marketing campaigns.
Radius began 2019 with the launch of its Data for Good campaign to help the company’s employees and customers give back to their communities. This included credit-backs to the accounts of for-profit companies for any data used to support philanthropic causes. The campaign also featured service donations to nonprofits to enable them to use the Radius’ enterprise customer data platform to reach out to and potentially partner with small businesses.
In May, Radius unveiled a new data stewardship app designed to fix bad, siloed Salesforce data. The new solution enables enterprises to manage data across any Salesforce field based on unified, trusted data. “Existing tools enrich some external data,” Radius CEO Joel Carusone explained, “but what’s missing is an easy-to-use application coupled with a powerful platform that gives users access to data unified across all third-parties and their internal data sets.”
Atlanta, Georgia-based Kabbage made its first appearance on the Finovate stage in 2010, demoing its Kabbage Loan offering at FinovateSpring that year. The company most recently demoed its Kabbage Card, a part of the company’s Kabbage Everywhere product expansion, at FinovateSpring 2015.
Featured in June by CEO World in its look at fintechs that are helping fight for fair lending, Kabbage announced a partnership with online banking platform Azlo in May that would create a new entity, Mission Street Capital, to help small businesses get the financing they need to grow. Kabbage also announced in May that it was teaming up with the BTEA (Building Trades Employers’ Association) in a strategic alliance to help women and minority-owned business enterprise contractors to secure funding for their projects.
With $2.5 billion in funding, Kabbage includes SoftBank Capital, Mohr Davidow Ventures, and BlueRun Ventures among its investors. The company was founded in 2009.
A new partnership between cash flow technology and SME lending innovator Kabbage and online banking platform Azlo will make it easier for small businesses to secure growth financing. The two companies have launched a new program, Mission Street Capital, which will provide loans of up to $250,000 for SMEs.
“Azlo is helping fill a crucial gap in our financial system to serve underbanked small businesses,” Kabbage Chief Revenue Officer Laura Goldberg said. “Kabbage’s real-time lending platform allows Mission Street Capital to effectively serve any small business in any location to access the funding they need to grow.”
Firms with an Azlo small business banking account will be eligible to participate in the program, and can apply via Mission Street Capital to access Kabbage loans. Azlo will use Kabbage’s technology to analyze banking and other business performance data in real-time in order to generate a fully automated financing decisions for the customer. The digital-only bank with no physical branches believes Mission Street Capital will make it easier to reach its business customers who may struggle to secure financing because they have relatively thin-file credit histories or because they are a part of the gig economy.
“Azlo is proud to be serving today’s small businesses,” Azlo Chief Operating Officer Bryan Crumpler said. “Our mission is enabling small businesses to succeed in their mission and partnering with Kabbage is a huge step forward in being able to accomplish that.”
More than 175,000 small businesses have accessed more than $6.5 billion through Kabbage’s platform. In its most recent Finovate appearance at FinovateSpring in 2015, the company demonstrated its Kabbage Card solution. The card, part of its Kabbage Everywhere initiative, gives small businesses the ability to use their Kabbage credit to pay for inventory or supplies wherever they may be. Also that year, the Kabbage participated in our developers conference, FinDEVr Silicon Valley, showing how developers can leverage its technology to build their own automated lending platform.
Founded in 2009 and headquartered in Atlanta, Georgia, Kabbage has raised more than $2.3 billion in funding, including a debt financing round this April that added $700 million to the company’s coffers. Also this spring, the firm was highlighted in Inc.com’s feature: 5 Companies That Prove You Must Evolve to Thrive.