In its second-largest acquisition, Amazon buys the company for $970 million.
This partnership will provide Monsoon Commerce customers with immediate online access to Kabbage’s innovative funding solution for small businesses.
Emeryville, CA– July 10, 2012 – The days of traditional, hard-to-acquire bank funding are becoming a thing of the past for small businesses. Monsoon Commerce, a premier provider of online marketplace and e-commerce business solutions for small to mid-sized merchants, and Kabbage, Inc., the leading provider of working capital for small businesses, announced today the launch of a strategic partnership. This partnership will provide Monsoon Commerce customers with immediate online access to Kabbage’s innovative funding solution for small businesses. The timing for the launch is ideal as many merchants will seek working capital over the next several months in order to pre-buy inventory in preparation for the 2012 holiday season. As part of the launch, Kabbage has initially pre-approved funding for hundreds of Monsoon Commerce customers.
Kabbage has revolutionized the small business funding space by developing a technology platform that leverages real-time data analysis to make funding decisions and provide capital to small businesses within seven minutes of applying online. Monsoon Commerce customers will use the working capital to invest in growth initiatives, including pre-buying inventory to prepare for the holiday season, expanding their marketing programs, upgrading technology, and expanding staff and resources.
Small business owners often report limited access to short-term financing is an obstacle in achieving growth. Monsoon Commerce customer and Kabbage client Jim Keough, Partner and Co-Founder of Too Fast Apparel, said, “One of the biggest challenges we have in manufacturing is cash flow. And that is because we have to put out the money to get everything manufactured about 3-4 months in advance of when we actually receive the goods. We have had a great experience using Kabbage because it is so quick and easy to get the funding. The payment schedule is completely flexible and there are no added fees or penalties for paying off early. I would recommend Kabbage to other sellers to take advantage of opportunities to pre buy inventory for the upcoming holiday selling season. Working with Kabbage takes a lot of the funding pressure off.”
“We are very excited about our new partnership with Kabbage, the leader in this exciting space for funding small businesses,” said Clark Hale, VP of Strategic Relationships for Monsoon Commerce. “By working with Kabbage, we are offering our customers access to a powerful and easy-to-use source of financing that our merchants can leverage to enable real growth. I am particularly happy to be able to offer Kabbage to our customers in advance of the 2012 holiday pre-buying season. Kabbage capital will provide our customers with a competitive edge in the rapidly-growing and crowded e-commerce space, whether they’re online merchants, marketplace sellers, or multi-channel retailers listing on marketplaces such as Amazon and eBay.”
“Monsoon Commerce is a natural partner for us as we both offer impactful solutions for online merchants that want to experience rapid and sustainable growth,” said Sam Wheeler, Vice President, Business Development at Kabbage. “Monsoon Commerce helps merchants drive faster online growth and smarter product pricing, while Kabbage provides them with simple and powerful funding options to ensure that merchants can buy the right inventory during the most critical buying season, as well as boost their marketing efforts to drive growth. We are thrilled to work with the thousands of Monsoon Commerce sellers to help them grow and prosper.”
About Monsoon Commerce
Monsoon Commerce is an e-commerce solutions company powering the online success of mid-sized merchants. Our integrated solutions allow you to easily manage inventory, orders, and fulfillment; sell more products in more places; and intelligently price products across channels. Our more than 20,000 customers, including 2,500 online merchants and multi-channel retailers, commonly experience a level of success that is both impactful and enduring—at times, even transformational. We call it the Monsoon Effect. Learn more at monsooncommerce.com.
About Kabbage, Inc.
Kabbage, Inc., headquartered in Atlanta, Georgia, is pioneering the first financial services data, technology and marketing platform for the millions of small and medium businesses that make a living selling online. Kabbage leverages data generated through merchant activity across various marketplaces and channels to understand business performance and craft financing options that meet their needs. 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 TriplePoint Ventures. For more information, please visit www.kabbage.com.