Become CEO Eden Amirav Speaks Optimistically About Kabbage and OnDeck Acquisitions
Eden Amirav, CEO and co-founder of Become, shared his optimistic insight into what the recent round of acquisitions in the fintech lending world might mean. With the purchase of Kabbage by AMEX and OnDeck by Enova, the industry is moving toward consolidation.
“For many years, we saw many different players and high competition, now we’re starting to see consolidation,” Amirav said. “When a big player like AMEX puts in close to $1 billion [allegedly] in an acquisition of the IP and tech of Kabbage- an amazing technology for underwriting- we think that it’s a very good sign of belief in the industry, it shows the huge potential that AMEX sees in it.”
Eden said from the beginning, Become was happy to be a part of the journey of Kabbage as a partner.
Become is a company that empowers small businesses to improve their fundability and choose lending options through proprietary tech that rates businesses for their loan potential. Become has been a partner with Kabbage in the past, the company says.
Last year, Become underwent a rebranding, adopting a contact-free tech-only mindset. Needless to say, that move came with some unforeseen benefits- contact-free finance is now the name of the game.
Become partnered with Kabbage for loan facilitation in PPP, and Amirav said it was a huge opportunity for alternative finance.
“At the beginning [of the pandemic] there was no supply – practically all the lenders stopped lending,” Amirav said. “We built a very quick process that allows small business to sign the PPP and get the forms ready and get access to the funds as quickly as possible.”
Amirav said that it is because of the dire need for capital and traditional institutions’ inability to respond that alternative fintech markets became so attractive. He hopes that through the purchase, Become will have the opportunity to keep working with Kabbage and feature AMEX on the platform.
“Now that PPP is over we will start seeing alternative lending come back with a more important role- and I think the fintech lending industry as a whole has proven that it has an important role in assisting small business,” Amirav said. “Banks are serving big companies and traditional clients, fintech companies are really there to serve the mom and pop shops.”Last modified: August 31, 2020
Kevin Travers was a Reporter at deBanked.