Kikka Capital Set to Launch in Australia
The small business lending platform is operated, funded and serviced by Kikka Capital and powered by the US market leader Kabbage Inc. ("Kabbage"), the only company in the industry with a fully automated technology and data platform.
Kikka Capital and Kabbage have formed a strategic and exclusive alliance to enable Kikka Capital to launch an online lending platform that will assist small business owners with their financing needs.
Kikka Capital will provide Australian small businesses 24/7 access to working capital facilities of up to A$100,000, with credit approvals in just minutes.
Unlike traditional lending models, the Kikka Capital site leverages Kabbage's technology platform to collect and analyse small business data in real time. This platform enables the Company to make credit decisions at the initial funding phase and throughout the life of the lending relationship with each customer.
A first mover in the online lending sector, Kikka Capital's launch has the potential to change the traditional lending landscape in Australia significantly, providing fast and flexible financing alternatives for SMEs.
Kikka Capital CEO & Founder, David Brennan, said:
"We are extremely excited to be teaming up with Kabbage, the industry leader in automated, real-time underwriting."
"Combining Kabbage's extensive experience with our small business loan offering is crucial to accelerate our entry into the SME lending market and ensure we stay ahead of the curve in this fast-moving online lending space."
"Recent Reserve Bank of Australia statistics show that about 55 per cent of all businesses with annual turnover of less than $A10 million fund their business development using personal credit cards."
"We see a tremendous growth opportunity in the online lending market as we apply modern technology to make capital more readily available to Australian small businesses and bypass the long, slow and out-dated processes currently offered by the mainstream banks," he added.
Kabbage head of Business Development, Pete Steger, said:
"We are delighted to partner with Kikka Capital to launch their online lending product in Australia. We believe there will be significant demand for online small business loans in Australia, and we are confident Kikka Capital is the right partner to put the power of business growth back into the hands of small business owners by providing them with instant access to capital."
Kikka Capital is scheduled to launch its online platform and commence lending in the second quarter of the 2015 calendar year.
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