Reportedly, American Express Company (AXP) has announced the acquisition of Kabbage, a financial technology company providing Digital Cash Flow Management solutions to small businesses. The association marks an important step for American Express of being an essential partner to small businesses and offering a broad range of payment, financial management tools, and cash flow.
American Express to acquire Kabbage’s team along with its full suite of financial technology products, data platform and IP built for small businesses. With the inclusion of Kabbage’s technology and products, American Express plans to include a broader set of cash flow management tools, working capital products to its small customers in the U.S.
“For several years, American Express has been expanding beyond our industry-leading commercial card products to offer our business customers a growing set of payment and working capital solutions,” “This acquisition accelerates our plans to offer U.S. small businesses an easy and efficient way to manage their payments and cash flow digitally in one place, which is more critical than ever in today’s environment. By bringing together Kabbage’s innovative technology and talented team with our broad distribution capabilities and over 60 years of experience backing small businesses, we can better help our customers successfully emerge from this challenging period and beyond” stated Anna Marrs, President of Global Commercial Services at American Express.
The deal is expected to close later this year.
Dow 30 component American Express Company (AXP), and its subsidiaries provide customers and businesses globally with charge and credit payment card products and travel-related services. They look to enrich the lives of their customers and build business success. To learn more about American Express Company (AXP) and to continue to track its progress please visit the Vista Partners American Express Coverage Page.
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