Online sellers in the U.K. have a new alternative when it comes to funding their businesses, as lender Kabbage has opened its services to merchants in that part of the world.
Previously, the 2-year-old company that provides cash advances to eBay, Yahoo and Amazon sellers only provided capital advances to merchants in the U.S. As of today, that’s no longer, says Rob Frohwein, Kabbage’s founder and CEO.
Kabbage’s new site, uk.kabbage.com, launched today and will give U.K. merchants access to working capital advances in a little as seven minutes, the Kabbage Blog reports. Merchants could get advances of up to $50,000.
The expansion into the U.K. made sense, since the United Kingdom is Europe’s biggest online selling market and businesses there face the same challenges American businesses do: banks hesitate to lend them money, Frohwein adds.
However, Kabbage specializes in providing funds for online sellers and looks at merchants’ online selling history, not just their credit scores when deciding who qualifies for advances.
“Kabbage is deeply passionate about making funding easy and accessible to all small businesses in order to enable growth,” Frohwein notes. “… We’re tremendously excited to begin providing U.K. businesses with access to our simple, flexible, funding platform in order to fuel their growth.”