It is the company’s largest round of equity financing, and brings the company’s total raised to just over $600 million. Perhaps more notably, some sources report that Kabbage is now valued at $1 billion (this has not been confirmed by Kabbage), making it a fintech unicorn.
Reverence Capital Partners led the round, and several global banks also participated, including ING Group, Santander InnoVentures, and Scotiabank.
With this list of globally diverse bank investors, Kabbage plans to use the funds to fuel international expansion. It also aims to grow Karrot, its consumer-lending platform, from 10% of its business to 30% by next year. Watch the video of Kabbage’s debut of Karrot at FinovateFall 2014:
Kabbage also announced it has expanded its credit facility to $900 million. According to the company, the list of investors includes a mix of banks and financial groups, but does not include any of the contributors to the equity round.
CEO Rob Frohwein states that the company is on track to generate $100 million in revenues this year.