The Top 500 apparel chain plans to expand its reserve online, pick up in store program, as well as its presence in China.
Kabbage Secures Second U.S. Patent For Its Online Merchant Finance Platform
The patent covers the delivery of working capital to merchants that sell online, leveraging transactional information from online sales channels.
Atlanta, GA – December 15, 2011 – Kabbage, Inc., a provider of working capital for small businesses, today announced that it has been awarded its second U.S. patent (No. 8,073,744) by the United States Patent and Trademark Office. The patent covers the delivery of working capital to merchants that sell online, leveraging transactional information from online sales channels.
Kabbage’s unique and innovative system has improved critical cash flow for thousands of online merchants who have received funding from Kabbage since its launch in late 2010. Using advanced techniques to assess risk, Kabbage provides online merchants with working capital in as few as 10 minutes, giving them the funds they need for marketing, staffing, equipment, inventory and more.
“We are thrilled to receive our second patent from the USPTO, which recognizes our innovative approach to helping online merchants achieve their goals. From its outset, Kabbage has been an agent for disruptive and positive change in the e-commerce industry,” said Rob Frohwein, CEO of Kabbage, Inc. “We are fast achieving our goal of being the most trusted and reliable source of working capital for the millions of entrepreneurs making their livelihoods on the Web.”
To determine a merchant’s viability for funding, Kabbage analyzes a variety of metrics including the merchant’s selling history, customer ratings, income and credit history. Once the seller is approved, funds are deposited directly into the seller’s business account and are available for immediate use. Advances can be repaid within six months without a prepayment penalty.
Kabbage’s first U.S. patent, No. 7,983,951, was awarded in July of 2011. The full text of the company’s most recent patent can be found at www.freepatentsonline.com/8073744.pdf.
About Kabbage, Inc.
Kabbage, Inc., headquartered in Atlanta, Georgia, is the first financial services company offering a fully automated data and technology platform for the delivery of working capital and other financial services to merchants utilizing the Internet to sell their products and services, interact with vendors and market themselves. Kabbage is venture funded and backed by Mohr Davidow Ventures and BlueRun Ventures with additional investors including: David Bonderman, founder of TPG Capital, Warren Stephens, CEO of Stephens Inc., the UPS Strategic Enterprise Fund and Western Technology Investment. For more information, please visit www.kabbage.com.