Kabbage CEO Selected as a Top Innovator by Bank Technology News
Magazine Names Rob Frohwein a Top 10 Innovator for Revolutionary Approach to Provide Capital to Small Businesses
ATLANTA, May 1, 2012 -- Kabbage, Inc., the leading provider of working capital for small businesses, today announced that Rob Frohwein has been named a Top 10 Innovator by Bank Technology News. Rob was selected for this prestigious award for conceptualizing Kabbage's breakthrough technology and data platform that provides working capital to small businesses in less than 7 minutes – an innovation that has had a significant impact on small businesses and resulted in the award of multiple United States patents to date.
"Bank Technology News selected Rob and Kabbage because it provides much-needed capital to small businesses via a unique and fully automated platform that leverages real time data analysis in making funding decisions," said Penny Crosman, Editor in Chief of Bank Technology News.
While businesses of all sizes need capital to grow, traditional financing sources cannot easily determine risk and deploy capital to small businesses. Before Kabbage, a small business often spent many fruitless months in search of capital to invest in inventory, expand their office space, improve their online sites, and develop marketing programs to grow their business. Kabbage built its business to make this process simple and fast through an internet based application and automated funding system which results in approval and cash within 7 minutes of application. Kabbage accomplishes this by immediately obtaining a variety of data such as UPS shipping data, ecommerce activity on Ebay, Amazon and other marketplaces, PayPal activity, and even conversations on social media sites as part of its automated risk assessment algorithm to determine working capital assignments and associated costs.
"When we started Kabbage three years ago, our goal was to develop a better way for small businesses to get access to the capital they need to grow," said Kabbage CEO Rob Frohwein. "While we have now redefined small business finance, we look forward to continuing to innovate on behalf of small businesses while expanding our service and partnering with traditional financing institutions to provide our capability to their small business customers. I am thrilled to receive this honor from Bank Technology News in recognition of the value that we are offering the thousands of small businesses who use Kabbage working capital to grow and to prosper each and every day."
About Kabbage, Inc.
Kabbage, Inc., headquartered in Atlanta, Georgia, has pioneered the first financial services data, technology and marketing platform for online businesses, supporting millions of small and medium businesses that make a living selling online. Kabbage leverages data generated through merchant activity across various marketplaces and channels to understand business performance and craft financing options that meet their needs. Kabbage is venture funded and backed by Mohr Davidow Ventures and BlueRun Ventures, with additional investors including: David Bonderman, founder of TPG Capital, Warren Stephens, CEO of Stephens Inc., the UPS Strategic Enterprise Fund, and TriplePoint Ventures. For more information, please visit www.kabbage.com.