The acquisition is expected to close later this year
American Express will acquire nearly all of Kabbage, a fintech company providing cash flow management solutions to small businesses in the US.
The report states that American Express will acquire Kabbage’s team and its full suite of fintech products, data platform, and IP built for small businesses.
Kabbage’s products include access to flexible lines of credit, online bill payment, and cash flow visualization tools. The company also provides e-gift certificates and the ability to centralize funds through its business checking account.
These products are integrated into a single online platform that uses real-time data processing to help small businesses better understand, forecast, and manage their cash flow.
We’ve reported that Mastercard has launched an “SME-in-a-Box” payment solution that enables small business owners across the Middle East and Africa to shift online and accept digital payments.