Kabbage Launches Karrot: Personal Loans Made Simple

karrotKabbage, Inc., the leading online provider of small business loans, announced today the launch of Karrot Personal Loans, the only fully automated personal loan marketplace in the industry. Karrot will provide consumers with the same simple and streamlined access to loans for which Kabbage is known. Karrot’s launch enables institutional investors to directly fund consumers through its new marketplace lending program.

Today’s announcement validates the extensibility of Kabbage’s technology and data platform as it continues to serve more customers. Kabbage is the only company in the financial services industry to expand internationally and grow to serve both consumers and small businesses in less than four years since its launch.

Karrot personal loans range up to $35,000 with a 36 or 60-month term at http://www.karrot.com. Fixed rates are as low as 6.44% APR* for the life of the loan, representing significant savings over rates offered by many credit card companies which average 21%. Karrot’s automated platform enables a customer to go from application to approval in minutes, with delivery of funds as soon as the next day. Multiple institutional investors are already funding loans through the platform.

“When we launched Kabbage, we created an entirely new way for small businesses to access capital and, in the process, made it simple and intuitive,” said Rob Frohwein, Kabbage co-founder and CEO. “Today we have extended this elegant process to the personal loan category to provide low-cost personal loans to consumers seeking access to less expensive credit. We will continue to innovate beyond today’s announcement, delivering real and robust technology solutions to the financial services industry.”

About Kabbage
Kabbage, Inc., headquartered in Atlanta, Georgia has pioneered the first financial services data and technology platform to provide fully automated funding to small business in minutes. Kabbage leverages data generated through business activity such as accounting data, online sales, shipping, and dozens of other sources to understand performance and deliver fast, flexible funding in real time. Kabbage also offers simple consumer loans through its automated platform under the brand http://www.karrot.com. Kabbage is venture funded and backed by SoftBank Capital, Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, TCW/Craton and additional investors including Ron Conway’s SV Angel, David Bonderman, founder of TPG Capital, and Warren Stephens, CEO of Stephens Inc. All Kabbage and Karrot U.S. based loans are made by Celtic Bank, a Utah-Chartered Industrial Bank, member FDIC. For more information, please visit http://www.kabbage.com and follow the company on Facebook and Twitter.

That Kat Radio – Podcast 58 – March 17, 2014: Barrington McIntosh & Charlene Anderson

Listen to That Kat Radio – Podcast 58 – March 17, 2014: Barrington McIntosh and Charlene Anderson

 

In this episode of That Kat Radio, Kat spoke with Barrington McIntosh about international Amazon selling and with Charlene Anderson about sourcing at trade shows.

First, kat spoke with Charlene Anderson (or “Char”) about sourcing inventory at trade shows. Questions that were asked were:

  • How many tradeshows are you planning on attending in 2014?
  • Isn’t it expensive to travel to a tradeshow?
  • How do you make it worthwhile to your business?
  • What kind of eBay/Amazon seller would benefit from attending Tradeshows?
  • How do I get started and choose a Tradeshow to attend?
  • What are your top 3 tips for Tradeshow sourcing?
  • What are your top 3 things to watch out for at tradeshows?
  • How can the audience connect with you and learn more?

 Charlene has been doing the trade show circuit for years now and is considered a pro. She has attended hundreds! Tradeshows can be beneficial to your business and offer countless sources of new inventory. She recommends wearing comfortable clothing and shoes, not deciding on anything until you have done your research and grabbing all the business cards you can!   After speaking to Charlene, Kat spoke to Barrington McIntosh about selling internationally with Amazon. Questions that were asked were:

  • How did you get started in eCommerce?
  • What were your goals when you started?
  • What was the biggest obstacle you had to overcome?
  • What and where are you selling now?
  • What else are you doing in your business besides selling products?
  • Where can the listeners connect with you online to learn more?

Barrington has the prestigious honor of having his business ranked in the top 25% of all Amazon businesses during the 2012 holiday season. He didn’t start out on top, but he earned his position by working hard and by doing what needed to be done. Barrington and Kat discussed how hard it can be to source in an area like Jamaica, where there are NO big box retail stores. Barrington discussed how looking in different places and online for different items can make all the difference. If you find enough specialty items that people want to have, you can truly own the market, as he does. You can find Barrington and learn more about his story at his website, BarringtonMcIntosh.com After speaking to Barrington, we were in for a surprise guest! Kat got Scott Henshaw on the line to discuss the new KIOUIApps product, KIPhoenix!  Questions that were asked were:

  • where did the idea for Ki Phoenix come from?
  • How did you find out about Ki Phoenix and what is it doing for your business?
  • WHY is Ki Phoenix such a game changer?
  • How is business going for you and where can people find you?
  • what’s next for Kioui Apps?

Scott was approached by Jean-Charles to try out the new ap,KI Phoenix for his business. He said he has never used such an easy app! He loves the simplicity and efficiency of the design and will never go back to doing things manually again! Ki Phoenix is an application that keeps your products in stock and the listing up, even if you have run out of stock of an item. If you sell large quantities of items on eBay, this is the app for you! Every time you have to take down a listing, or a listing runs out of your quantity, you must end the listing and start it again when you get your inventory in. Doing this, you lose sales, as well as potential return customers! To find out more about the app, head over to KIOUI Apps.com and check out KI Phoenix! Links from the show:

 

That Kat Radio podcast notes – Podcast 54 – March 3, 2014: John Lawson and Brian Guidry

Listen to That Kat Radio – Podcast 54 – March 3, 2014: John Lawson and Remove the Background 

 

In this episode of That Kat Radio, Kat spoke with John Lawson of ColderIce and Brian Guidry of Remove the Background.

 

First, Kat spoke with John Lawson of ColderIce about his new book, KickAss Social Media.

Questions that were asked were:

  • Please share with us your journey from eCommerce Entrepreneur to Edutainer
  • Where and what do you sell now?
  • How did ICE Retailer get started?
  • You recently attended an event that you declared was “life changing.” Please tell us about the event.
  • What was the journey like to get where you are today?
  • What was your inspiration for the book?
  • How did you book come about?

Kat discussed John’s journey over the last decade or so and how fun it was watching him become the person he is today. They went on to speak about his new book, how it came about and what is in it. Kat declared that his new book was one that you needed to read slowly in order to fully digest all the great information contained within. John said that if the wonderful folks watching the show wanted to get an autographed copy of his book, they need to visit this page. John’s part of the show ended on a very positive note as he genuinely thanked Kat and her viewers for helping him achieve success. He said that without them backing him, he wouldn’t have come this far.

 

After speaking with John, Kat was joined by Danni Ackerman of the Danni App for a few moments to discuss her upcoming event and to offer them a chance to get $50 off of her event by visiting the page below.

To learn more about Danni’s event, head on over to MoreFunBiggerProfits.com

To receive $50 off your admission, visit this page.

 

After speaking with Danni, Kat was joined by Brian Guidry of Remove the Background to discuss his amazing product.

Questions that were asked were:

  • Please tell us about your company and how Remove the Background got started
  • How does this service benefit an eBay and/or Amazon seller?
  • How much does this service cost and is there a free trial?
  • How can I find out more about the service?
  • What else should I know about RTB?

Kat discussed the fact that she had tried the Remove the Background service and was super impressed with how clear they made the pictures come out. Brian’s product offers a special service for eBay and Amazon sellers. They can clear your photos and re-size them to your seller platform’s exact specifications. The cost is approximately $1.40 per picture and they can do thousands of pictures in one sitting. Talk about a remarkable product. There is also a free trial that doesn’t require a credit card! To use the service, simply head over to Remove the Background.com!

 

Kat wrapped up the show by talking about the ecommerce events coming up. She is in charge of the Seabay cruise and is very excited about it. She is also delighted to be taking part in the More Fun Bigger Profits conference this year. Also, they have opened up registration for the eBay Radio Party in March!

 

Links from the show:

Thanks to Kabbage for Publicizing This – Please Join Me!

nmos-button-white-500

Join Us Tomorrow for a Moment of Silence

Posted by KabbageInc on December 19, 2012 · Leave a Comment

NMoS-button-white-500

Tomorrow, the Kabbage team will be participating in a national moment of silence in honor of the victims of the Sandy Hook tragedy. Called for by Connecticut Governor Dannel Malloy and scheduled for tomorrow, Friday at 9:30 am EST, December 21st, we will be spending several minutes of silence to reflect upon this horrible event that has deeply saddened each and every one of us.

We encourage you to join us in this moment of silence, too. To learn more about tomorrow’s event go tohttp://www.causes.com/momentforsandyhook

I will be joining with Kabbage in this and hope you will too.

Congratulations to Kabbage!

First they get tons more money and now they make an amazing hire!

 

Congrats to Kabbage – it’s fun to watch you grow!

We’re pleased to announce the latest addition to Kabbage’s board of directors, Scott Thompson, CEO of ShopRunner and former president of PayPal.

Because Scott successfully led PayPal through its most formative and highest growth years, we will definitely be benefiting from his knowledge and expertise as we continue to grow.

Scott currently heads up ShopRunner, a leading shopping network that enables merchants to bring the best shopping services to consumers. Scott served as the president of PayPal from 2008 to 2012. He was also PayPal’s chief technology officer before becoming appointed president of the global e-commerce business.

Amazon Lending – I’m In – Are You?

Recently I’ve been hearing about some sellers getting invitations from Amazon to apply for a loan to source inventory. I thought that was very interesting and then didn’t think about it any more until I got one of those letters. Now, I am a happy Kabbage customer and have been using their short term loans to help me expand my business so I was familiar with the concept and happy with my growth. But when the opportunity came from Amazon Lending I decided to explore that also and share the journey. Here we go!

I received the letter telling me I had the ‘opportunity’ on September 10th. I thought about it for awhile and decided to do it and dedicate that amount strictly for new inventory. So on September 15th I applied.

Something I found interesting was that with Kabbage you are never asked what the funds are for, with Amazon you must Promise that all funds will be used to directly support your Amazon business. How they would enforce that I have no idea but I had to check to agree and found that proviso interesting enough to share with y’all.

I am sure that all sellers are offered different amounts and very possibly different interest rates but for transparency’s sake, here are the terms I was offered.

Another negative vs Kabbage. With Kabbage you know in MINUTES, but Amazon told me they would let me know in a few days. Now, in fairness, this application was submitted on Friday, the 15th.Surprisingly to me, I had my letter approving my loan on Monday, September 17th. So much for it taking 5 business days.

Now I was concerned as I only can draw my Amazon payments every two weeks and the letter said it would take at least 2 business days to get into my account. My payout was due the next day, Tuesday. So if it hit my account in 2 business days it would just be sitting there untouchable for 2 weeks. Surprisingly again, the entire $3,000 was in my disbursement that took place on Tuesday and should be in my account by Saturday. Now, to spend $3K on inventory. Ya know, I don’t think that will be a problem! I’ve already lined up $460 worth of closeout infant items and $447 worth of hair pieces. NEXT!

Stay with me for the lessons I learn and will share with you on this process. As far as I know (AFAIK) however, the program is still invitation only and you can’t ‘apply.’ Maybe that will change soon, who knows?

Here’s another cool thing – all the information about your loan (you can even make advance payments) is available now in Seller Central!

Kabbage Raises $30 Million in Series C Funding

Company Fuels Over $800 Million in Sales for Small Businesses

 

ATLANTA September 18, 2012 – Kabbage, Inc., the leading online provider of working capital  for small businesses, today announced $30 million in Series C financing. The company will use this funding to further advance its powerful technology and data platform, expand partnerships, and continue to position Kabbage as the fastest growing small business finance company.

 

The financing was led by Thomvest Ventures, the venture capital arm of Peter Thomson, Founder and Managing Director of Thomvest Ventures and a director of Thomson Reuters. All major existing investors, including UPS Strategic Enterprise Fund, Mohr Davidow Ventures, BlueRun Ventures, Warren Stephens and David Bonderman participated in the round.  In addition, Ron Conway’s SV Angel also recently invested in the company.  Kabbage has received a total of $56 million in equity to date.

 

“Kabbage has completely redefined small business finance in less than two years,” said Peter Thomson. “Its disruptive business model and technology platform is providing much needed working capital to small businesses quickly and efficiently, helping to drive the overall economy.”

 

Kabbage’s unique funding platform, which leverages dozens of data sources to determine real-time business performance and provide funding to businesses in less than seven minutes, has been granted multiple U.S. patents.

 

“Thomvest is committed to driving the growth of small businesses – as are we – making the firm a natural financing partner for Kabbage,” said Rob Frohwein, CEO of Kabbage. “Thomvest has a deep understanding of the financial services industry and has become the recognized leader in the space through its support of the equity and debt requirements of Lending Club. We look forward to working with Thomvest to further accelerate our growth and reach millions of small businesses across new markets.”

 

Since launching its platform two years ago, Kabbage has grown rapidly and now fuels over $800 million in annual sales for its small business customers. Kabbage customers are very active, taking an average of 10 advances per year to help them grow. Additionally, over the last four months, Kabbage has been awarded “the Most Innovative Company in Financial Services” from PYMNTS.com, “Top 100 Private Company in North America” by Red Herring and “Top 10 Innovators of the year” by Bank Technology Newsadding to its numerous industry awards for innovation and disruption.

 

“UPS and Kabbage share a passion for supporting small business growth,” said Alan Gershenhorn, Chief Sales, Marketing, and Strategy Officer, of UPS. “We’ve increased our investment in Kabbage and we continue to work together to identify innovative ways to support the financing needs of small business.”

 

About Kabbage, Inc.:

Kabbage, Inc., headquartered in Atlanta, Georgia, is pioneering the first financial services data, technology and marketing platform for the millions of small and medium businesses that make a living selling online. Kabbage leverages data generated through merchant activity across various marketplaces and channels to understand business performance and craft financing options that meet their needs. Kabbage is venture funded and backed by Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, with additional investors including: Ron Conway’s SV Angel, David Bonderman, founder of TPG Capital, Warren Stephens, CEO of Stephens Inc., and TriplePoint Ventures. For more information, please visit www.kabbage.com.

# # #