ING To Start Strategic Partnership With Kabbage

(RTTNews) - ING (ING) announced it is starting a strategic partnership with Kabbage, a leading technology and data platform powering automated lending to small and medium enterprises (SMEs). The partnership fits ING's strategy to expand its lending capabilities to SMEs and helps them to get the capital they need to grow.

On 14 October 2015, ING made public it had taken an equity stake in the US based fintech company in a financing round in which Kabbage raised US$135 million.

As part of the partnership, ING and Kabbage will start a pilot in Spain, offering small and medium enterprises (SMEs) loans up to EUR 100,000. Kabbage's automated loan application and approval process is both accelerated and simple for customers. It makes use of full credit scoring and real time risk monitoring and allows SMEs with an existing business account to get a loan within ten minutes, based on real-time business data.