Kabbage, a data and technology company providing business cash flow solutions, formally announced the launch of Kabbage Checking, a full-service business checking solution.
What Happened?
Kabbage is a holistic platform for business banking.
As part of a vision to meet the needs of its users more efficiently, Kabbage introduced Checking to improve access to the following features:
- No minimum opening deposits and free ATM access.
- Cash deposits at 90,00 retailers and service providers.
- Up to 5 wallets to track savings goals, manage cash.
- Bill pay and the global Kabbage Debit Mastercard.
- Eventual support for wire transfers, remote deposits.
“Amidst one of the largest financial crises in history, we helped over 225,000 small businesses access services many of their long-time bank partners would only provide to their largest customers,” said Kabbage President Kathryn Petralia. “We believe in the businesses too often left out, overlooked, and underestimated. Kabbage Checking is a new banking service built to give those small businesses an upper hand to earn more, save more, and grow their business faster without sacrificing anything they expect from a bank.”
The development means that Kabbage users, irrespective of their prior relationship with the company, can maintain a Checking account with no minimum or daily balance requirements. In addition, all customers can earn a 1.10% APY paid out monthly.
Why It Matters?
Overall, the new tool makes Kabbage a bigger and better business banking platform. Small businesses can now collect, deposit, spend, borrow, preserve, and examine their funds through the Kabbage platform.
To learn more about Checking, or other banking products provided by Kabbage, click here.
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