Kabbage, the Atlanta-based startup that has raised hundreds of millions of dollars to build and run a money lending platform for small, online businesses, is turning over a new leaf, so to speak: today it is launching a new lending service called Karrot — its first product for consumers, is initially launching in the U.S. only.
Karrot has grown (sorry) out of what CEO and co-founder Rob Frohwein describes as something of a natural opportunity. “When we started targeting small businesses seven years ago, we end up attracting consumers, too. What we realised was that we were turning away one-third of the folks coming to us,” he says. He describes this as “a perfect segment” for Kabbage to tackle.
Karrot Personal Loans will be going head to head with a number of other players like Lending Club and Prosper in the online loans space that have up to now only been competitors in name…
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