Kabbage Could Be Neck and Neck with OnDeck for Originations This Year

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Kabbage funded $600 million in the first quarter of the year, putting it on pace to potentially overtake OnDeck in originations for 2019. OnDeck reported $658 million in originations just a quarter earlier to finish 2018.

The two companies have been among the top three funders by origination volume on deBanked’s leaderboard since 2014. OnDeck has consistently been on top with Kabbage and Square solidly in the #2 and #3 slots.

In 2018, OnDeck funded $2.48 billion, while Kabbage CEO Robert Frohwein told deBanked that the company originated “north of $2 billion.”

Both companies are expanding.

“We solidified our position as the leading online lender to small businesses in the US, launched ODX, our platform-as-a-service business, and announced plans to scale our international operations and enter the equipment finance market,” said OnDeck CEO Noah Breslow in a 2018 Q4 report statement.

Meanwhile, Kabbage announced in January of this year that it will be powering a program that offers financing to U.S. customers of the Chinese e-commerce giant Alibaba.

“Financing at the point of sale requires a fully automated solution that can handle the immense volume of daily transactions that occur on Alibaba.com,” said Kabbage CEO Rob Frohwein. “We are incredibly impressed with the service and value that Alibaba.com delivers to American businesses and want to do all we can to support their important mission.”

Company Name 2018 Originations 2017 2016 2015 2014
OnDeck $2,484,000,000 $2,114,663,000 $2,400,000,000 $1,900,000,000 $1,200,000,000
Kabbage $2,000,000,000 $1,500,000,000 $1,220,000,000 $900,000,000 $350,000,000
Square Capital $1,600,000,000 $1,177,000,000 $798,000,000 $400,000,000 $100,000,000

deBanked’s leaderboard omits companies that have not disclosed their small business origination volumes.

Kabbage’s $700 million securitization that was announced today will be used to pay down a previous securitization.

Last modified: April 20, 2019

Category: Business Lending

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