SoftBank Invests $250 Million in Online Lending Startup Kabbage
- Kabbage will use funds to expand to Asia, build new products
- SoftBank continues recent string of big startup bets
Why SoftBank Is Investing $250 Million in Kabbage
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SoftBank Group Corp. has plowed $250 million into online lender Kabbage Inc., the latest in a flurry of big bets on mature startups by the Japanese technology company.
Kabbage will use the new money to expand its lending products for small businesses and, if there’s a demand, offer new products like insurance and payroll services. The startup also plans to expand to Asia. Talks with banks in India, China and Japan to license its technology are underway, Kabbage Chief Executive Officer Rob Frohwein said.