Kabbage Boosts Platform Biz, Partners with Canadian Bank Nova Scotia

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Online lender Kabbage loans has partnered with Canada’s third-largest bank, Bank of Nova Scotia to offer online loans to small businesses.

Small businesses in Canada can apply for loans online and get a decision quickly. The program will be extended to businesses in Mexico later this year. Customers will have the flexibility to draw the funds as individual term loans, from as little as $1,000 in Canada and each loan can have its own repayment terms.

In an interview with deBanked earlier this month, Kabbage co-founder Kathryn Petralia said that the company wants to grow its platform business with such partnerships. In April this year, Spanish bank Banco Santander said that it will use Kabbage’s technology to underwrite loans up to £100,000 the same day for loans that typically take 2-12 weeks to process.

Santander, Nova Scotia and ING together invested $135 million in Kabbage’s series E funding.

Last modified: June 22, 2016
Srividya KalyanaramanAs editor, Srividya drives daily news coverage and editorial strategy. Previously, her work has appeared in publications like Money magazine, Advertising Age, FirstPost and The Economic Times. She has also dabbled in business intelligence solutions, and holds a Masters degree in Business and Economic Reporting from NYU. Write to her at srividya@debanked.com

Category: Marketplace Lending

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