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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.

Go deeper

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.

52 mins ago - World

Putin foe Navalny to be detained for 30 days after returning to Moscow

Russian opposition leader Alexey Navalny. Photo: Oleg Nikishin/Epsilon/Getty Images

Russian opposition leader Alexey Navalny has been ordered to remain in pre-trial detention for 30 days, following his arrest upon returning to Russia on Sunday for the first time since a failed assassination attempt last year.

Why it matters: The detention of Navalny, an anti-corruption activist and the most prominent domestic critic of Russian President Vladimir Putin, has already set off a chorus of condemnations from leaders in Europe and the U.S.

Biden picks Warren allies to lead SEC, CFPB

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.