Atlanta area online lender Kabbage has raised $135 million from major investors as it seeks to expand.
The company has raised the $135 million from groups including Reverence Capital Partners, ING, Santander InnoVentures, and Scotiabank. The company also said Wednesday it has expanded its credit facility to $900 million.
Kabbage said in a news release it provides more than $1 billion annually in loans to consumers and small businesses. The company makes quick lending decisions online using algorithms and other proprietary data. The company’s Karrot unit makes consumer loans.
The new investment round brings Kabbage to $240 million in equity raised since it was founded about four years ago, the company said.
Rob Frohwein, Kabbage co-founder and CEO, said in the release: “It is particularly gratifying to welcome three of the top fifty global banks to our shareholder base as we continue to expand our reach internationally.”
The Wall Street Journal and other outlets said the valuation of Kabbage now exceeds $1 billion.
Kabbage said additional investors in its latest round of funding include: Yuan Capital, Recruit Strategic Partners, and the company’s existing equity investors BlueRun Ventures, UPS Strategic Enterprise Fund, and Thomvest Ventures.
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