Alternative financing startup Kabbage closed a $700 million asset backed securitization this week. The amount of funding is record-breaking, marking the largest asset-backed securitization by a small business online lending platform to date.

The new transaction, which saw contributions from new and existing investors, brings Kabbage’s total combined debt and equity funding to $2.3 billion and raises its total debt funding to $940 million. The company plans to use the funds to pay down one of its existing asset-backed securitization transactions.

The company’s CFO Scott Rosenberg said, “The new transaction positions the company for continued milestone growth as small businesses accessed more than $2 billion through Kabbage last year and more than $600 million already in the first quarter of 2019.”

Kabbage was founded in 2009 and has since extended more than $6.5 billion in loans to 170,000+ small businesses in the U.S. The company underwrites the loans using non-traditional data, such as shipping records, to originate loans and monitor the business’ improvement to extend more credit, if needed.

In 2018, Kabbage acquired lending platform Orchard to enhance its data analytics capabilities. At FinovateFall 2018, I spoke with Orchard Cofounder David Snitkof, who now serves as Kabbage’s head of data integration and insights, about the integration of the two companies.

Kabbage most recently demoed at FinovateSpring 2015 where it launched the Kabbage Card. The Kabbage Card allows users to withdraw from their line of credit at any point-of-sale where VISA is accepted. Earlier this year, Kabbage announced plans to offer its Pay Later financing program to Alibaba.com’s buyers.