Kabbage, a data and technology company providing small businesses cash-flow solutions, has announced the launch of Kabbage Checking, a new business checking account built for the smallest of companies fit for the largest.
Kabbage Checking gives small businesses the same capabilities, convenience, and security they expect with a traditional checking account, but without the monthly fees or friction. Small businesses can apply for the new checking account, irrespective of their time in business, revenue, or prior relationship with the firm. Kabbage is not taking any opening fees or maintenance fees and offering the service with no minimum or daily balance requirements. All customers will earn a 1.10 percent annual percentage yield (APY) paid out monthly.
“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.”
Through Kabbage Checking, the company is propelling itself into a full financial-services provider as small businesses can now accept, deposit, pay, borrow, save and analyze their funds all through the Kabbage Platform. It strengthens its existing set of complementary solutions, which when combined gives the smallest of businesses an immediate technology advantage historically reserved and difficult to attain even for the largest.
Kabbage’s products are designed to work together for a seamless cash flow management experience. When paired with Insight, Kabbage Checking customers receive daily cash flow analyses and forecasts. When integrated with Payments, customers can prevent cash flow gaps with faster settlements. Kabbage Funding helps prevent customers’ accounts from going negative, effectively eliminating costly overdrafts. The resulting solution gives small businesses access to unified cash flow tools with zero upfront costs or commitments.
