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Online lender Kabbage raises $50m in SoftBank-led Series D

6 May 2014

dollars roll_sqJapanese telecom and internet business SoftBank Corp’s venture capital arm SoftBank Capital has led a $50m Series D round for online lender Kabbage.

TCW/Craton and Lumia Capital also participated in the round, as did existing backers David Bonderman, Warren Stephens, UPS’ Strategic Enterprise Fund, Peter Thomson’s Thomvest, BlueRun Ventures, and MDV.

Kabbage has raised a total $106m and has recently secured a $270m credit facility.

Since its launch in May 2011 the company has provided $250m to SMEs, expecting to have provided more than $500m by the end of this year.

SoftBank Capital partner Steve Murray said, “Kabbage is using data and technology in a highly innovative way to transform the entire small business financing sector.

“It is the kind of game-changing opportunity in which SoftBank likes to invest. Kabbage’s powerful underwriting platform which has been so successful here in the US has massive global potential and we look forward to helping the company navigate that opportunity to become an important global enterprise.”

Last year SoftBank launched a $250m fund to invest in companies looking to expand to Asia.

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