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Kabbage, which was acquired by American Express last year, launched its first checking account for U.S. small businesses - Kabbage Checking™. This business checking product is backed by American Express and designed to help small businesses grow.
Kabbage Checking offers 1.10% APY on balances up to $100,000, no monthly maintenance fees, and no set-up fees. Small businesses can apply for a Kabbage Checking account online. There is no revenue, no minimum balance, or the business's age required for that. Once approved, customers will have access to the features like mobile check deposits, Kabbage debit card, free in-network ATMs, customized checks, and some other features.
"Small businesses should not have to sacrifice the features they expect from a bank in order to experience the benefits of an affordable business checking account," said Gina Taylor Cotter, Senior Vice President of Strategy and Business Operations at Kabbage, an American Express Company. "Kabbage Checking is built to give small businesses the flexibility of mobile banking-from in-app account management to mobile check deposits-with the convenience of a traditional bank-including in-person cash deposits, free ATM access, and a compelling APY to directly support our customers' growth."
Kabbage Checking is not the only product offered by Kabbage, an American Express Company. There are other digital cash flow management solutions. Existing customers already have access to Kabbage Funding™, the product that allows small businesses to apply for flexible lines of credit between $1,000 and $150,000. Kabbage Funding is planned to become more broadly available later this year.