Kabbage Inc has agreed to acquire assets of Radius Intelligence, a small business data platform. No financial terms were disclosed. Radius Intelligence’s backers included Formation 8 Partners, Founders Fund, Glynn Capital Management, Slow Ventures, Western Technology Investments, Yuan Capital and Jared Leto. Kabbage is backed by SoftBank Vision Fund, BlueRun Ventures and Mohr Davidow Ventures.
ATLANTA, Sept. 3, 2019 /PRNewswire-PRWeb/ — Kabbage, Inc., a data and technology company providing small businesses cash flow solutions, has entered into an agreement to acquire assets of Radius Intelligence, a leading small-business data platform. The purchase allows Kabbage to more deeply understand and serve small businesses as it adds insights from over 20 million U.S. small businesses to its platform.
Radius is a recognized technology leader in data acquisition and entity resolution—the ability to parse through numerous, disparate and complex data sets and unify them into a single, trusted data record. As Kabbage expands its technology platform to solve more comprehensive cash flow needs for small businesses, Radius’ insights will enhance Kabbage’s ability to deliver customers the right experience at the right time. At close, Kabbage will add nearly 20 team members to its San Francisco office, as well as Radius CEO, Joel Carusone, to support the integration of the two companies and technology platforms.
“Data has always been our competitive advantage, and Radius strengthens it by adding millions of new and verified small business insights to our platform,” said Kabbage CEO Rob Frohwein. “These new technology and data-analysis capabilities further differentiate us from other SMB-focused FinTech companies as we dramatically expand our product set and service platform to address the unique cash flow needs of small businesses.”
“We’re thrilled to join the Kabbage team. As a company dedicated to small business analytics and data management, we’ve always had a deep respect for Kabbage’s data-driven technology and focus,” said Radius CEO Joel Carusone. “Our companies have complementary technical architectures and domain experience for decision making. With Kabbage, we can build a more sophisticated analytics solution to identify, reach and serve small businesses.”
Kabbage, Inc., headquartered in Atlanta, has innovated a data and technology platform to provide small businesses automated cash flow solutions, including its online lending platform which allows small businesses to quickly access ongoing lines of credit up to $250,000. Its technology analyzes small businesses’ real-time data such as online sales, banking information, shipping activity and dozens of other sources to understand performance, to provide a fully automated funding decision in minutes. To date, Kabbage has provided more than 200,000 small businesses access to over $7 billion of working capital. Kabbage is funded and backed by leading investors, including the SoftBank Vision Fund, BlueRun Ventures, Mohr Davidow Ventures and others. All Kabbage U.S.-based loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. For more information, please visit http://www.kabbage.com.