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American Express on Monday announced an agreement to acquire online small-business lender Kabbage for an undisclosed amount.

Why it matters: Kabbage is one of the fintech companies that helped small businesses tap into the Paycheck Protection Program despite furloughing hundreds of workers at the beginning of the pandemic.

Bloomberg first reported on the deal talks last week, suggesting that Amex may pay $850 million in cash, inclusive of possible employee retention bonuses.

Kabbage had raised nearly $1 billion in venture capital funding since 2009, from firms like SoftBank, Thomvest Ventures, BlueRun Ventures, and Reverence Capital Partners.

American Express to buy Kabbage

Kabbage helped small businesses access PPP loans.

Business

Fintech

American Express on Monday announced an agreement to acquire online small-business lender Kabbage for an undisclosed amount.Why it matters: Kabbage is one of the fintech companies that helped small businesses tap into the Paycheck Protection Program despite furloughing hundreds of workers at the beginning of the pandemic.

Top stories & latest news on the Federal Reserve, real-time data, plus the biggest shifts happening in the U.S. and global economy.

Economy

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

American Express to buy Kabbage

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