American Express announced that it has officially closed on the acquisition of Kabbage. As announced through a LinkedIn post by American Express Business, Kabbage is now officially an American Express Company. Kabbage still holds its position in the market and will continue to provide quick and easy cash flow management solutions for small businesses.
With the acquisition, the good work of Kabbage is now backed by the trust, service, and security of American Express.
AMEX further assured that they will combine their over 60 years of experience backing small businesses with Kabbage’s innovative technology to support the customers through this challenging time, and help them get back on their feet and thrive.
AMEX had earlier announced that the acquisition represents an important step toward American Express goal of being an essential partner to small businesses through a broad range of payment, cash flow and financial management tools.
American Express has acquired Kabbage’s team and its full suite of financial technology products, data platform and IP built for small businesses.
Kabbage’s product portfolio include access to flexible lines of credit, online bill payment, cash flow visualization tools, e-gift certificates, and the ability to centralize funds through the company’s recently launched business checking account.
AMEX had earlier promised to offer a broader set of cash flow management tools and working capital products to its millions of small business customers in the U.S. with the addition of Kabbage’s innovative technology, products and talented team.