American Express opens Kabbage accounts for businesses
Following its acquisition by American Express, Kabbage is now re-launching its U.S. small business account as an Amex brand.
- The service, called Kabbage Checking, is the renewal of an existing service launched by Kabbage just before its acquisition by American Express. But, for American Express it is a very first time.
- The group will therefore offer a business current account aimed primarily at small American businesses.
- The accounts will pay 1.1% interest on a maximum balance of $100,000.
- No fees will be applied.
- Service Features:
- an account opening service in minutes and without receipts
- a mobile account management application
- a debit card
- reserves" to put money aside
- a physical cash deposit service
- a mobile check deposit solution
- access to a network of 19,000 ATMs
- a supplier invoice management and scheduling tool
- Centralize cash flow: Traditionally a leader in the small business card market, AmEx, like many of its competitors, is embarking on a transformation to become a global provider of cash management, transaction and lending services for small businesses. Key to this strategy is the current account, which provides access to deposits - an anchor for offering additional services and cash flow data.
- Supporting small business development: American Express and Kabbage are committed here to democratizing a no-fee account with many additional features to establish itself as a unique player in helping cash management. American Express has also launched Kabbage Funding, a flexible credit offer between $1,000 and $150,000.
- Kabbage is a FinTech specialized in alternative scoring for small merchants. It was acquired by American Express in late 2020, after months of negotiations and rumors.
- It must be said that the combination of the payment giant and the FinTech leads to the creation of a major player in financing for American small businesses and merchants.