AMEX Eats Kabbage the Online Lender

Posted on 08/18/2020


American Express Company entered into an agreement to acquire substantially all of Kabbage, Inc., financial technology company and online lender to U.S. companies. Under the terms of the agreement, American Express will acquire Kabbage’s team and its full suite of financial technology products, data platform, and IP built for small businesses. The acquisition is expected to close later this year, subject to customary closing conditions. Kabbage’s pre-existing loan portfolio is not included in the purchase agreement.

American Express noted that Kabbage’s pre-existing loan portfolio is not included in the purchase agreement.

Founded in 2008, Kabbage is headquartered in Atlanta, Kabbage raised nearly $1 billion in venture capital funding from firms like SoftBank Group Corporation, Thomvest Ventures, BlueRun Ventures, and Reverence Capital Partners.

Advisors

FT Partners was the exclusive strategic and financial advisor to Kabbage on its sale to American Express.

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