Tuesday, May 11, 2010

Finovate: Kabbage

The most important innovation in financial services... See if you qualify for a loan to grow your online business.

The big problem for online businesses is getting cash to grow your business. As an eBay seller, you can go to Kabbage. They'll pull a bunch of information about you as a seller to perform a first filter (what are your transaction rates, etc). Next step, they do things like check identity, and treat the seller as more than a credit store.

eBay sellers that get approved can get money quickly credited (within 5 minutes) into your PayPal account.

There is a fairly quick form to fill in as part of the application - nothing special here. But once the decisioning platform kicks in, you get the approval for a loan of up to a certain amount. You can choose how much of that you actually want to use.

Immediately the Paypal account is credited. A small business loan in 5 minutes and they demod it live. Quite cool.

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