Unedited news and product information from vendors.
Kabbage Pioneers Working Capital for Online Sellers Via PayPal X
Oct 26, 2010 (03:10 PM EDT)
$70B Marketplace Begins Accessing Liquidity with Today's Launch at Innovate 2010
SAN FRANCISCO, Oct. 26 /PRNewswire/ -- Kabbage, Inc. has selected PayPal X, the world's first truly global payments platform, to power its launch of working capital advances for small businesses that sell products and services via the Internet. These online merchants are expected to sell nearly $100 billion annually by 2014 through marketplaces such as eBay® and Amazon®, yet they've had little access to financing to feed their growth.
Kabbage uses technology to quickly analyze online sellers' sales and credit history; customer traffic and reviews; and prices and inventory compared to competitors. PayPal X Adaptive Payments APIs enable Kabbage to cost effectively make working capital available to eBay® and other on-line marketplace sellers in as few as ten minutes for first-time customers, and even more rapidly for existing clients.
"Kabbage's unique understanding of online merchants, accelerated by PayPal X to facilitate delivery of capital at Internet velocity, will fuel these small businesses' growth," said Robert Frohwein, CEO of Kabbage. "With PayPal X, Kabbage makes funds available quickly so online sellers can grow their businesses like never before."
"Kabbage's work is a great example of how third-party developers can use PayPal X to create a new generation of financial options," said Damon Hougland, senior director of PayPal platform product development. "PayPal X makes it easy for developers to monetize their great ideas by affording them unmatched security and connectivity through 27 financial networks and 15,000 local banks."
Part of the PayPal X platform, the Adaptive Payments API is a set of building blocks that gives developers the tools to create highly customized payment services. This allows payments on multiple platforms, including web, mobile, and others. Adaptive Payments make it possible to create ongoing relationships with customers so they don't have to request user's permission for every single transaction. PayPal X recently selected Kabbage's submission, "Kabbage & PayPal: Solving the Financial Crisis" as one of the top 10 finalists for its PayPal X Developer Challenge, which rewards innovative apps using PayPal's Adaptive APIs. The first prize winner, which will receive $50,000 cash and up to $50,000 in waived transaction fees, will be announced at the Innovate 2010 conference.
About Kabbage, Inc.
Kabbage, Inc. (www.kabbage.com), headquartered in Atlanta, Georgia, is pioneering the first financial services data, technology and marketing platform just for online sellers, supporting millions of online small and medium sized businesses that make a living selling online. Kabbage leverages data generated through online sellers' activity on various marketplaces to understand sellers and craft financing options that meet their needs. Kabbage is privately held. For more information visit Kabbage, Inc. at: www.kabbage.com.
SOURCE Kabbage, Inc.