How they describe themselves: Kabbage has pioneered the industry’s only technology and data platform to provide small businesses financing in minutes. Kabbage leverages data generated through business activity such as online sales, shipping, business software, checking account, and dozens of other sources to understand performance and deliver fast, flexible funding instantly.
How they describe their product/innovation: Kabbage introduced the Kabbage Card – the company’s first tangible product that allows small businesses to carry their Kabbage credit line in their pocket to pay for inventory, office supplies, and anything needed to keep their business running. Kabbage customers will gain immediate access to their Kabbage loan without having to transfer funds into their PayPal or business checking account. Swiping their Kabbage Card will immediately deduct the transaction amount from the customer’s available funds. In addition, customers will have access to view all transactions immediately within their Kabbage account, as well as receive transaction confirmation via SMS text.
This new initiative is part of a broader “Kabbage Everywhere” product expansion that includes the ability to sign up through a mobile responsive site, access funds through mobile devices and take 12-month loans in addition to the traditional 6-month loans.
Product distribution strategy: Direct to Business (B2B)