American Express will acquire the SoftBank, UPS, Santander and Recruit-backed business lender's assets excluding its loan portfolio, for a reported price $350m lower than the valuation for its last round.
US-based business finance provider Kabbage, which counts corporates Recruit, Santander, SoftBank and UPS as investors, agreed to an acquisition by payment processing firm American Express yesterday.
The size of the deal was not revealed but it will include the company’s workforce, technologies and intellectual property, though not its pre-existing loan portfolio. A report earlier this month estimated American Express would pay up to $850m for the company.
Founded in 2009, Kabbage has built an automated online lending platform that…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
