Kabbage, Inc., a data and technology company providing small business cash-flow solutions, launched Kabbage Checking, a new business checking account built for the smallest of companies, but fit for the largest. True to Kabbage’s continued efforts to support the companies most critical to America’s economy, Kabbage Checking gives small businesses the same capabilities, convenience and security they expect with a traditional checking account, but without the monthly fees or friction.
In minutes, small businesses can apply for a Kabbage Checking account, irrespective of their
time in business, revenue or prior relationship with Kabbage. There are no opening fees or
maintenance fees for Kabbage Checking accounts and there are no minimum or daily balance
requirements. Instead, Kabbage Checking pays you. All customers will earn a 1.10 percent
annual percentage yield (APY) paid out monthly, one of the highest interest rates for a business
checking account in the industry.
“Amidst one of the largest financial crises in history, we helped over 225,000 small businesses
access services many of their long-time bank partners would only provide to their largest
customers,” said Kabbage President Kathryn Petralia. “We believe in the businesses too often
left out, overlooked and underestimated. Kabbage Checking is a new banking service built to
give those small businesses an upper hand to earn more, save more and grow their business
faster without sacrificing anything they expect from a bank.”
Small businesses can now join the waitlist to apply for a Kabbage Checking account with:
● No minimum opening deposits: Begin banking at any stage of your business.
● Cash deposits: Deposit cash at one of 90,000 participating retailers and service centers
nationwide.
● Free ATM access: Withdraw cash at one of 19,000 in-network ATMs nationwide.
● Wallets: Create up to five Wallets to track savings goals or manage your cash flow.
● Bill pay: Set up your vendors, organize your bills and issue payments electronically.
● Kabbage Debit Mastercard: Access millions of merchants who accept Mastercard
globally.
Kabbage Checking propels the company into a full financial-services provider as small businesses can now accept, deposit, pay, borrow, save and analyze their funds all through the Kabbage Platform. It strengthens its existing set of complementary solutions, which when combined gives the smallest of businesses an immediate technology advantage historically reserved and difficult to attain even for the largest.
Kabbage’s products are designed to work together to power a seamless cash flow management experience. When paired with Kabbage Insights TM , Kabbage Checking customers receive daily cash flow analyses and forecasts. When integrated with Kabbage Payments TM , customers can prevent cash flow gaps with faster settlements. Kabbage Funding TM helps prevent customers’ accounts from going negative, effectively eliminating costly overdrafts. The resulting solution gives small businesses access to unified cash flow tools in minutes with zero upfront costs or commitments.
When new features launch later this year, Kabbage Checking will also support wire transfers
and mobile remote deposits. All Kabbage Checking accounts are issued by Green Dot Bank,
Member FDIC, and are insured up to the FDIC's standard deposit insurance amount of
$250,000.
Kabbage, Inc., headquartered in Atlanta, is a data and technology company providing small business cash flow solutions. Its suite of products includes Kabbage Checking, a trademark of Kabbage, Inc., providing small businesses a new way to bank; Kabbage Payments, helping small businesses get paid and access the money they earn faster; and Kabbage Insights TM, calculating small businesses’ real-time cash flow. In response to COVID-19, the company became the third-largest PPP lender in the nation by application volume and launched www.helpsmallbusiness.com to help small businesses generate more revenue by selling online gift certificates. Kabbage is a 2020 CNBC Disruptor 50 and is funded and backed by leading investors, including the SoftBank Vision Fund, BlueRun Ventures, Mohr Davidow Ventures, and others.
