Kabbage has added Scott Thompson to the company board of directors. You may remember Thompson as the former CEO of Yahoo! that was essentially fired over a fake resume and as the current CEO of ShopRunner. Thompson’s strongest point is his tenure as the President and Chief Technology Officer of PayPal. Kabbage recently raised $30 million in funding.
Kabbage helps merchants and sellers on marketplaces like eBay, Etsy, and Amazon.com find ways to get capital because it is hard for them to get funding from a bank. Kabbage has a way to analyze seller business performance and can provide funding to businesses in under 7 minutes. Kabbage has been given patents for this technology. Kabbage looks at the online merchants’ sales, credit history, and customer reviews.
?Kabbage is rapidly reshaping the small business financing space in the same way that PayPal reshaped the payments space over the last decade,? stated Thompson in an interview with TechCrunch. ?Kabbage is the next generation use of data, science and technology to get a better answer for underwriting risk than the banks use today.?
Kabbage is currently based in the U.S. only. The company launched two years ago and hits over $800 million in annual sales for their SMB customers. Kabbage customers take an average of around 10 advances per year to help them grow.