Kabbage Integrates With Online-Only SMB Banking Platform Azlo

Online small business (SMB) banking platform Azlo is integrating Kabbage into its solution to expand access to capital for its users.

A press release issued on Thursday (May 16) said Azlo’s partnership with Kabbage will connect SMB customers with the ability to apply for loans of up to $250,000. Dubbed Mission Street Capital, the integration accelerates the loan application process as Kabbage enables real-time analysis of banking data provided via Azlo. Other business performance data — including information from accounting software, payment processors and website analytics — is also taken into consideration, the companies said.

Together, the firms plan to broaden SMB access to financing through the digital-only bank, enabling these firms to access capital, regardless of location — particularly for companies in markets with fewer physical bank branches. Azlo users include small businesses, gig economy firms and companies without lengthy credit histories, which often struggle to access funding.

“Our mission is enabling small businesses to succeed in their mission, and partnering with Kabbage is a huge step forward in being able to accomplish that,” said Azlo COO Bryan Crumpler in a statement.

“Azlo is helping fill a crucial gap in our financial system to serve underbanked small businesses,” added Laura Goldberg, CRO at Kabbage. “Kabbage’s real-time lending platform allows Mission Street Capital to effectively serve any small business in any location to access the funding they need to grow.”

Kabbage’s Azlo integration follows just weeks after the company announced $700 million in funding, the largest asset-backed securitization by a SMB lending platform.

In a statement, CFO Scott Rosenberg said the investment “is a testament to Kabbage’s proven and real-time approach to responsibly provide credit access to small businesses. The new transaction positions the company for continued milestone growth, as small businesses accessed more than $2 billion through Kabbage last year, and more than $600 million already in the first quarter of 2019.”