Scotiabank is to invest in Atlanta-based fintech lender Kabbage. The partnership will allow the Canadian bank’s customers to access small business loans through Kabbage’s online financial technology platform.
Scotiabank customers in Canada and Mexico can apply for business loans of up to $100,000 “in as little as seven minutes” through the fully automated platform, the companies said.
Scotiabank took part in a financing round last autumn in which Kabbage raised $135 million from investors (including international banks ING and Santander. As a result, Santander and ING partnered with Kabbage to offer loans to small and medium-sized businesses in the United Kingdom and Europe on Kabbage’s platform
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