Small Business News
Kabbage Introduces Kabbage Insights For Small Business Owners
For small business owners, cash flow is critical. That’s largely why online lending platforms catering to small businesses have grown, offering entrepreneurs speedy access to crucial funding. Among these increasingly-popular lenders is Kabbage, with a customer base of more than 220,000. This past week the company introduced a new tool dubbed Kabbage Insights to assist those business owners in keeping on top their finances.
With Kabbage Insights, business owners will be able to connect their financial data to gain real-time updates. Most relevant to Kabbage’s core business is that the tool will track a business’s historical cash flow to offer analysis for the future. The company explains, “The product continually evaluates the transaction activity of a customer over a 90-day period and organizes it in an easy-to-understand dashboard, allowing customers to quickly visualize their net growth without taking the time to calculate it themselves.”
In a blog post revealing the new offering, Kabbage CEO Rob Frohwein stated, “As a small business owner for many years, I spent many sleepless nights trying to figure out whether I’d have the cash to pay my various expenses, including payroll at the end of the month and it’s been a mission of mine to solve this ubiquitous problem for all small business owners ever since.” He continued, “Kabbage is pleased to launch Insights, taking on this burden for small business owners and providing them with cash flow analyses that large enterprises have at their fingertips. We will continue to level the playing field for the small business owner.”
The new Kabbage Insights tool arrives on the heels of another new feature from the FinTech: Kabbage Payments. That offering allows small businesses to accept credit card payments for invoices. To promote Kabbage Payments, the service is currently discounting their transactions fees to a flat 2.25% until June 2020. However, starting in July, that will rise to 2.9% + 25¢. That happens to match the rate charged by similar offerings such as QuickBooks Payments for invoices.
Between Kabbage Payments and Kabbage Insights, it’s clear that the company is looking to expand its brand and do more for small business owners. Should this trend continue, it’s possible we could see Kabbage become its own ecosystem, akin to Intuit’s QuickBooks or Square’s line-up of products. On that note you may have also seen television spots for Kabbage services, further emphasizing their rising status. Therefore it will be interesting to see what else spouts up from Kabbage in the months and years ahead.