Photo by Mario Tama/Getty Images

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.

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Dan Primack, author of Pro Rata
Oct 12, 2020 - Economy & Business

SoftBank prepares to launch a SPAC

Illustration: Aïda Amer/Axios

SoftBank is planning to launch a blank check acquisition company in the upcoming weeks, according to comments made today at the Milken Virtual Conference by senior SoftBank executive Rajeev Misra.

Details: Axios has learned that Goldman Sachs and Citigroup would manage the IPO process, and that the intention is not to acquire an existing SoftBank portfolio company and bring it public.

Updated 44 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. World: Australian city Melbourne to exit one of world's longest lockdowns — In photos: Coronavirus restrictions grow across Europe
  4. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure
  5. Nonprofit: Rockefeller Foundation commits $1 billion for COVID-19 recovery
Updated 49 mins ago - World

In photos: Coronavirus restrictions grow across Europe

A skeleton is placed at a restaurant table in Rome to protest Italy's restrictions that'll see gyms, movie theaters and pools close and bars and restaurants required to shut by 6 p.m. until at least Nov. 24. Photo: Antonio Masiello/Getty Images

Restrictions are returning across much of Europe as the continent faces a second coronavirus wave.

The big picture: Spain and France each surpassed 1 million cases last week, and both countries have implemented further restrictions on citizens. Italian officials announced strict new measures, effective Monday, to combat another cases spike. From Denmark to Romania, take a look at what steps countries have been taking, in photos.