Kabbage, Inc., a data and technology company providing small business cash-flow solutions, approved a landmark number of applications in the Paycheck Protection Program (PPP), demonstrating the true power, scale and reach of its technology platform. Over the three-month period of the program, Kabbage approved over 209,000 small businesses for $5.8 billion, making it the third-largest PPP lender in the country by application volume. The result is the single-largest PPP lending accomplishment by a FinTech company, outperforming some of America’s largest banks to ensure the country’s smallest businesses received relief.
“It’s been an absolute honor and an undeniably historic feat for a company of our size to help this many small businesses—most of whom were unable to apply elsewhere—in such a short period of time,” said Kabbage CEO Rob Frohwein. “The PPP validated the criticality of FinTech. Most of the small businesses we reached would have been ignored had this crisis taken place just 10 years ago. These businesses can only be served in mass by an automated platform that places need in front of privilege and levels the playing field that has too long been unequal in our financial system. Millions of small businesses will now turn to FinTech solutions before traditional banks when seeking even the most basic financial services.”
Prior to the PPP, Kabbage had never processed a loan for the SBA. In less than two weeks, Kabbage entirely restructured its lending platform and developed new automated systems to ingest, analyze, verify, and approve PPP applications. Its long-term investments in technology and data analysis were the differentiation that allowed it to become a top-three lender in the largest program in the Administration’s history. Kabbage accepted applications from any business of eligible size, industry, and structure, and reached companies in all corners of the nation, which was critical to successfully fulfilling Congress’s intent of making relief funding available to those who need it most.