American Express To Buy SMB Cash Management FinTech Kabbage

American Express has inked a deal to buy “substantially all” of small business cash flow management company Kabbage. The deal is forecast to close later in 2020, “subject to customary closing conditions,” according to a Monday (Aug. 17) announcement.

“For several years, American Express has been expanding beyond our industry-leading commercial card products to offer our business customers a growing set of payment and working capital solutions,” American Express President of Global Commercial Services Anna Marrs said in the announcement. “This acquisition accelerates our plans to offer U.S. small businesses an easy and efficient way to manage their payments and cash flow digitally in one place, which is more critical than ever in today’s environment.”

American Express would acquire the team of the FinTech along with its complete suite of FinTech offerings, IP and data technology. The offerings of Kabbage encompass access to flexible lines of credit, technology to visualize cash flows, digital bill payment, ability to centralized funds via a business checking account, and electronic gift certificates.

These products are linked into one digital platform that harnesses real-time information processing to assist small firms in better making sense of, planning and handling their cash flow.

Full Content: PYMNTS

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.