Kabbage, "Kabbage Launches Full-Service Business Checking Accounts Designed and Built for Small Businesses" (July 22, 2020)

Summary

Kabbage press release dated July 22, 2020, announcing the launch of Kabbage Checking, a business checking account with no monthly fees and a 1.10 percent annual percentage yield paid out monthly. It lists no opening or maintenance fees, no minimum or daily balance requirements, cash deposits at 90,000 participating retailers and free access to 19,000 in-network ATMs. Kabbage President Kathryn Petralia says Kabbage helped over 225,000 small businesses during the crisis. The release states that accounts are issued by Green Dot Bank, Member FDIC, and insured up to $250,000.

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Company , News , Technology

Kabbage Launches Full-Service Business Checking Accounts Designed and Built for Small Businesses

Kabbage Checking™ eliminates monthly fees and offers 1.10% APY, one of the highest rates in the industry

July 22, 2020

Kabbage, Inc. , a data and technology company providing small business cash-flow solutions, launched Kabbage Checking™ , a new business checking account built for the smallest of companies, but fit for the largest. True to Kabbage’s continued efforts to support the companies most critical to America’s economy, 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.

In minutes, small businesses can apply for a Kabbage Checking account, irrespective of their time in business, revenue or prior relationship with Kabbage. There are no opening fees or maintenance fees for Kabbage Checking accounts and there are no minimum or daily balance requirements. Instead, Kabbage Checking pays you. All customers will earn a 1.10 percent annual percentage yield (APY) paid out monthly, one of the highest interest rates for a business checking account in the industry.†

“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.”

Small businesses can now join the waitlist to apply for a Kabbage Checking account with:

- No minimum opening deposits: Begin banking at any stage of your business.
- Cash deposits : Deposit cash at one of 90,000 participating retailers and service centers nationwide. *
- Free ATM access: Withdraw cash at one of 19,000 in-network ATMs nationwide. *
- Wallets: Create up to five Wallets to track savings goals or manage your cash flow. *
- Bill pay: Set up your vendors, organize your bills and issue payments electronically.
- Kabbage Debit Mastercard® : Access millions of merchants who accept Mastercard globally.

Kabbage Checking propels the company 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 to power a seamless cash flow management experience. When paired with Kabbage Insights™ , Kabbage Checking customers receive daily cash flow analyses and forecasts. When integrated with Kabbage 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 in minutes with zero upfront costs or commitments.

When new features launch later this year, Kabbage Checking will also support wire transfers and mobile remote deposits. All Kabbage Checking accounts are issued by Green Dot Bank, Member FDIC, and are insured up to the FDIC’s standard deposit insurance amount of $250,000.

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†Interest paid every monthly cycle based on the average daily available balance of the prior 30 days. Annual Percentage Yields (APYs) are accurate as of 07/02/20 and may change before or after you open an account.

* For complete product details and disclosures, please visit www.kabbage.com/checking

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