American Express has entered into an agreement to acquire Kabbage, a financial technology company that provides cash flow management solutions to small businesses.
Under the terms of the agreement, American Express will acquire Kabbage’s team and its suite of financial technology products, data platform and IP built for small businesses.
Kabbage’s products include online bill payment, cash flow visualization tools, e-gift certificates, as well as business checking accounts, says American Express.
The acquisition is expected to close later this year, subject to customary closing conditions. Kabbage’s pre-existing loan portfolio is not included in the purchase agreement.
[Image courtesy: Kabbage]