American Express to acquire SoftBank-backed online lender Kabbage

REUTERS/Mike Blake

American Express said on Monday it would buy fintech lender and platform Kabbage in a move aimed at bolstering its cash management offering to small businesses. Financial terms of the transaction were not disclosed.

Backed by investors including SoftBank Group, Kabbage started out in 2009 as an online lender, although it has since broadened its offering into other financial services for small businesses.

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