Atlanta-based small business loans purveyor Kabbage has teamed with MasterCard to offer businesses the ability to pay for items at the point of sale (POS) with a purchasing card. Kabbage offers up to $100,000 in funding for a 1% to 12% payback over the first two months, 1% thereafter.
The Kabbage Card can be used for any transaction at physical or online businesses that accept MasterCard, giving Kabbage customers unmatched accessibility. Customers can use the card to pay for office equipment, inventory or anything else they need to run and grow their business. Swiping the Kabbage Card immediately deducts the amount from the customer’s available funds. Best of all, customers no longer need to transfer funds to their PayPal or business checking account to pay with Kabbage.
The new Kabbage Card builds on a broader Kabbage initiative to make capital available to businesses anytime, anywhere. The first step of that initiative was the launch of Kabbage mobile in 2014, which established the only app in the industry that allows businesses to access funds on-the-go from their mobile device. The new Kabbage card will further extend the Kabbage Platform to serve customers at every point where they need funding. The card is processed by Marqeta, the open-API based payment innovation platform.
Kabbage is venture-funded and backed by SoftBank Capital, Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, TCW/Craton and additional investors, including Ron Conway’s SV Angel, David Bonderman, founder of TPG Capital, and Warren Stephens, CEO of Stephens Inc. All Kabbage and Karrot U.S.-based loans are made by Celtic Bank, a Utah-Chartered Industrial Bank, member FDIC.
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