American Express acquires US lending fintech company

The acquisition is expected to close later this year

American Express

American Express acquires US lending fintech company. Source: shutterstock.com

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.

For several years, American Express has been expanding beyond our industry-leading commercial card products to offer our business customers a growing set of payment and working capital solutions. This acquisition accelerates our plans to offer US small businesses an easy and efficient way to manage their payments and cash flow digitally in one place, which is more critical than ever in today’s environment. By bringing together Kabbage’s innovative technology and talented team with our broad distribution capabilities and over 60 years of experience backing small businesses, we can better help our customers successfully emerge from this challenging period and beyond
Anna Marrs, President of Global Commercial Services at American Express 

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.

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