Online small business lender Kabbage is adding a savory new ingredient to its recipe by partnering with small business service provider Sage Payment Solutions.
The result is a new third-party technology platform called Sage Small Business Loan powered by Kabbage.
The new platform seems to be aimed at giving each company with something they need.
For Kabbage, the deal gives the company access to Sage’s vast community of more than 6 million small to medium-sized businesses in 24 countries.
For Sage, the arrangement helps the company offer a financing as a complement to its other services.
In the official release, Paul Bridgewater, CEO of Sage Payment Solutions explains:
“Sage is focused on providing small businesses with the software, services, and resources they need to grow and thrive. This partnership with Kabbage allows Sage to provide small businesses with much-needed financing.”
For Kabbage too, there are signs the move is part of a broader plan to partner with complementary service providers. The strategy would give Kabbage access to large communities of potential users its might have otherwise reached.
In the release, Jason Dell, head of product for Kabbage, added:
“We were very deliberate in crafting a platform offering that is easily and rapidly implemented by our partners. Sage is our first partner, because we believe their large customer base of small and midsized businesses is well suited to quickly benefit from our fully automated lending solution and obtain the capital they need to grow.”
Sage is a FTSE 100 company with 13,000 employees. Through Sage Payment Solutions, a division of Sage North America, the company allows merchants to accept multiple forms of payment. These include credit and debit cards, electronic checks, Check21, gift and loyalty cards, and automatic recurring payment.
Kabbage is an Atlanta-based company named one of Fast Company’s Most Innovative Companies in 2013. It is an automated lending platform for small businesses that speeds up the loan process. It does this by bypassing the slow and often complicated process of applying through banks and other traditional lenders.