Kabbage to Launch SMB-Friendly High-Yield Checking
Business checking accounts with a 1.10% annual percentage yield will soon be available from Atlanta-based fintech company Kabbage Inc.
The company says its new Kabbage Checking program is intended for small businesses. In addition to paying more interest than most consumer savings accounts, the accounts will feature a list of benefits for businesses and their owners.
Kabbage says the accounts will feature:
- No minimum for the initial deposit
- Cash deposits through a network of 90,000 participating retailers and service centers
- Free withdrawals at 19,000 ATMs across the United States
- Electronic wallets for managing expenses
- Online payments
- Kabbage-branded Mastercard debit cards
Kabbage says small-business owners can be approved for Kabbage Checking regardless of annual revenue, time in business, or prior relationship with Kabbage. The account is intended to give small businesses the same capabilities, security, and convenience larger companies enjoy, topped off with monthly interest payments and other benefits.
Kabbage has not announced when it will begin opening the accounts. Business owners can currently sign up on a waiting list maintained at the company’s website.
“We believe in the businesses too often left out, overlooked and underestimated,” said Kabbage’s president, Kathryn Petralia, in a statement. “Kabbage Checking is a new banking service built to give those small businesses an upper hand to earn more, save more, and grow their business faster without sacrificing anything they expect from a bank.”
Petralia says the company has already helped 225,000 small businesses access services that are usually offered only to larger corporations.
This year, Kabbage approved more than 209,000 small-business loans totaling $5.8 billion under the federal government’s coronavirus Paycheck Protection Program.
Kabbage Checking rounds out the company’s offerings, a suite of products that now includes options for depositing, accepting, borrowing, paying, saving, and analyzing funds using a single platform.
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