Azlo, a U.S. online banking platform, and Kabbage, Inc., a cash flow technology and small business lending platform, announce the launch of Mission Street Capital, a new program that empowers small businesses access loans via Kabbage® up to $ 250,000.
Azlo focuses on simplifying banking services for businesses and does not have physical branches, allowing it to serve small businesses regardless of their location, including those in remote and underserved communities. Partnering with Kabbage, Mission Street Capital will provide Azlo customers, including businesses with thin credit files, gig economy business owners, and fast-growing small businesses, a fully digital solution that allows access to working capital when and where it is needed.
“Azlo is proud to serve small businesses today,” said Bryan Crumpler, Chief Operating Officer of Azlo. “Our mission is to enable small businesses to succeed in their mission and the partnership with Kabbage is a huge step forward in making this happen.”
Small businesses with an Azlo account can now apply to Mission Street Capital to access financing through Kabbage in minutes. Mission Street Capital is powered by Kabbage’s proprietary data platform that analyzes real-time customer banking data and other business performance data including accounting software, payment processor data, and analytics websites, to provide a fully automated funding decision.
“Azlo is helping fill a critical gap in our financial system to serve small, underbanked businesses,” said Laura Goldberg, Kabbage’s chief revenue officer. “Kabbage’s real-time lending platform enables Mission Street Capital to effectively serve any small business in any location to access the financing it needs to grow.
With a Kabbage loan, there are no fees to apply for or maintain access to finance, and small businesses are not required to withdraw funds once they qualify. It’s a hassle-free lending solution with the flexibility to meet the cash flow needs of any small business, from investment opportunities to day-to-day expenses. To date, more than 175,000 small businesses have accessed more than $ 6.5 billion through Kabbage.