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Kabbage, an American Express Company, launches Kabbage Checking for U.S. SMEs

Publish date: 15 June 2021
The first business checking product offered by American Express is part of broader integrated cash-flow management platform.
Kabbage, an American Express Company, today launched Kabbage Checking1, the first business checking account offered by American Express and built for U.S. small businesses. With an annual percentage yield (APY) of 1.10 percent on balances up to $100,000, Kabbage Checking is designed to help small businesses grow, with no monthly maintenance fees, no set-up fees and convenient on-the-go features—all backed by American Express.

Now available to eligible U.S. small businesses, Kabbage Checking marks the first of several new digital cash flow management solutions from American Express. American Express has also begun offering Kabbage Funding to millions of existing customers with plans to make it more broadly available later this year. Kabbage Funding offers small businesses the opportunity to apply for flexible lines of credit between $1,000 and $150,000. Together, these products are a part of an integrated platform from Kabbage, combining data-driven products, including payment processing and business insights, to help U.S. small businesses manage their cash flow.

“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.”

“If you have the option to open a business checking account, or switch to one with better terms, I think it’s a no-brainer,” said Tom Anderson, a Kabbage Checking customer and bestselling author and financial advisor. “I’ve tried multiple accounts, and for me, Kabbage Checking can’t be beat. It’s the best I’ve found so far.”

Small business owners can apply online for a Kabbage Checking account in minutes, regardless of their business’s age or revenue. Signing up is fast and there are no minimum balance requirements. Once onboarded, customers can access the following features:
Free in-network ATMs: Withdraw funds at over 19,000 ATMs.
Mobile check deposits: Deposit eligible checks using the Kabbage app.
Kabbage debit card: Access ATMs, deposit cash and add to digital wallets.
Reserves: Organize your money for specific savings goals or categories.
Bill pay: Set up recurring payments to vendors.
Customized checks: Pay vendors, cover payroll and more.
In-person cash deposits: Deposit funds at 90,000 participating retailers nationwide that may have extended operating hours versus many bank branches.2

“Small businesses juggle a lot of ‘to dos’ with financial management often being the most stressful and time-consuming one,” said Alenka Grealish, Senior Analyst at Celent, a financial services technology research firm. “Any simplification in accessing banking services is welcome. Moreover, any value proposition that rewards them for their banking business and charges them less translates into funds that the small business owner can use to grow the business.”

Kabbage Checking and Kabbage’s integrated solutions are part of American Express's expansion beyond its Card business to deepen its relationships with U.S. small businesses. Paired with its wider set of small-business products across the Global Commercial Services group, American Express aims to be a digital one-stop shop to help manage small businesses' cash flow.