Kabbage and UPS Partnership Fuels Small Business Growth
UPS Customers Can Increase Cash Lines By Using Their Shipping Data; Kabbage Gains New Debt Facility from UPS Capital®
ATLANTA, Feb. 15, 2012 -- Kabbage, Inc, a provider of working capital for small businesses, and UPS (NYSE:UPS) today jointly announced an important alliance for small businesses across the United States.
Effective today, small businesses will be able to direct UPS to share their shipping history with Kabbage via the Kabbage.com website, making it possible for them to potentially obtain more capital at lower rates. In addition, seeing an opportunity to directly help small businesses grow, UPS Capital has provided Kabbage with a new debt facility specifically intended to fund small e-commerce businesses through Kabbage’s proprietary system.
“Access to working capital for small businesses is fundamental to the country’s economic recovery,” said Alan Gershenhorn, UPS chief sales and marketing officer. “This alliance with Kabbage is an example of how UPS and UPS Capital can help small businesses gain access to the working capital they need to grow their business. We’re looking forward to extending our alliance with Kabbage and the thousands of e-commerce companies it supports.”
The relationship between Kabbage and UPS is truly innovative and will enable Kabbage to potentially increase working capital lines when businesses choose to share their UPS transaction data, which includes information related to the number and frequency of packages shipped. The fact that UPS Capital also is providing a credit facility to Kabbage in connection with this new data relationship reinforces UPS’s commitment to small business.
“When given an opportunity to help small businesses grow, UPS has not only risen to the occasion but has been the company creating solutions that meaningfully address those challenges,” said Marc Gorlin, chairman of Kabbage, Inc. “At a time when it has been exceedingly difficult for small businesses to get financing, UPS has taken a concerted and thoughtful approach to helping its small business customers. We are fortunate and humbled to have such a committed partner.”
Kabbage, which officially launched in October, 2010, has become a critical piece of the operational puzzle for many online merchants who sell on marketplaces like eBay, Amazon, Yahoo! Stores and Etsy as well as operate their own independent online stores. Over 15,000 online merchants have turned to Kabbage for the working capital they need to grow their businesses. To learn more, log on to www.kabbage.com.
UPS (NYSE:UPS) is a global leader in logistics, offering a broad range of solutions including transporting packages and freight; facilitating international trade, and deploying advanced technology to more efficiently manage the world of business. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide. The company can be found on the Web at UPS.com and its corporate blog can be found at blog.ups.com. To get UPS news direct, visit pressroom.ups.com/RSS.
About Kabbage, Inc.
Kabbage, Inc., headquartered in Atlanta, Georgia, is pioneering the first financial services data, technology and marketing platform for the millions of small and medium businesses that make a living selling online. Kabbage leverages data generated through merchant activity across various marketplaces and channels to understand business performance and craft financing options that meet their needs. Kabbage is venture funded and backed by Mohr Davidow Ventures and BlueRun Ventures, with additional investors including: David Bonderman, founder of TPG Capital, Warren Stephens, CEO of Stephens Inc., the UPS Strategic Enterprise Fund, and TriplePoint Ventures. For more information, please visit www.kabbage.com.
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