American Express Co. (Amex) could be the new owner of Kabbage Inc., one of the largest online business lenders.
While Amex is the nation’s largest provider of small business credit cards, the purchase of Atlanta-based Kabbage would propel it to be a bigger issuer of loans to small shops. Kabbage offers businesses lines of credit of up to $250,000.
Amex has a track record for adding companies. Last year, the New York-based global financial services corporation, acquired Pocket Concierge, a restaurant reservation platform that provides customers with access to more than 800 restaurants in Japan… in 2019, Amex announced that it was acquiring Resy, the New York-based restaurant reservation platform whose software was used by 4,000 restaurants in 10 countries. And two years ago, American Express purchased U.K. FinTech startup Cake Technologies, which allows restaurant-goers to pay a bill more easily.
[Vulcan Capital] told PYMNTS that technology has made it possible for “anybody to be a bank now” in the sense of issuing digital credit cards, originating loans or enabling digital payment methods for consumers.