Big data and machine learning to offer the capital to the customers. The company counts likes of Softbank, Credit Suisse, Recruit Strategic Partners, BlueRun Ventures, Santander InnoVentures, Thomvest Ventures, UPS Strategic Enterprise Fund, ING Group, Yuan Capital, Reverence Capital Partners, who have pumped over $1 billion in the company. The company has attained the unicorn status in terms of valuation.
Rob Frohwein who along with Kathryn Petralia and Marc Gorlin founded the platform commenting on the partnership through a press release, “Financing at the point of sale requires a fully automated solution that can handle the immense volume of daily transactions that occur on Alibaba.com. We are incredibly impressed with the service and value that Alibaba.com delivers to American businesses and want to do all we can to support their important mission. The collaboration with Aliababa.com has already delivered millions of dollars of purchasing opportunity to U.S. small businesses and showcases the adaptability of our technology.”
John Caplan who heads the North American region of Alibaba commenting on the development said, “We recognized an opportunity to give our customers a convenient financing solution that allows them to improve their cash flow at competitive rates, so they can have the cash they need to grow their businesses. We are delighted to be working with Kabbage to empower our SMB customers to the source at greater volumes or improve their cash flow to invest in other areas of their businesses.”
Alibaba has always seen the US as a massive opportunity and with their recent moves; it seems that the company wants to have a stronghold in the region. Towards that aim, Alibaba had made a silent acquisition of OpenSky, a social e-commerce startup for an undisclosed value.