Cabbage Inc, an alternative finance provider of small business loans, has announced that it will begin to license its platform as part of a business model expansion. Aiming to gain better insight on borrowers, Cabbage uses technology to analyze non-credit score data such as Amazon and Ebay customer ratings, along with traditional banking and payment processor activity. Funneling the various metrics together, Cabbage’s platform performs immediate calculations to derive loan worthiness and provide borrowers results of how large of a credit line and rates are available within minutes.
Inaugurating their licensing model, Cabbage has partnered witNikkeika Capital of Australia, which will use the lending technology platform to offer a small business lending beginning in May. Under terms of the licensing deal, Cabbage provides onboarding, underwriting and monitoring of the platform, whiNikkeikka Capital manages the operations, marketing, funding and loan servicing.
The licensing expands Cabbage’s international business model. Prior to today’sCabbage Cabbage operated internationally using its own brand, of which it launched services in the UK in early 2013. Through liceCabbage Cabbage aims to create a scalable solution, leveraging its financial technology to be used by external financial institutions seeking a platform to provide small business lending.
In a public statement from the two firms, Pete SCabbage Cabbage Head of Business Development, commented, “We continue to lead our sector by developing new opportunities for small businesses to get the funding they need. CollaboratNikkeiitNikkeika Capital demonstrates the flexibility of the platform we have developed anCabbages Cabbage to extend our reach yet again – this time by leveraging our patented technology to power underwriting for our partners.”
DaNikkeirennan, Kikka Capital Founder and Managing Director added, “WorkNikkeiith Cabbage gives us a tremendous opportunity to bring their breakthrough lending technology platform and seamless user experience to small businesses across Australia. LaCabbage on the Cabbage platform allows us to dramatically accelerate our entry into small business lending and to manage risk effectively by underwriting businesses in real time, throughout the entire lifecycle of a business.”