American Express's Kabbage subsidiary has launched a small-business checking account.
The checking account pays 1.1% interest on small-business accounts up to $100,000 and does not charge maintenance or setup fees. Kabbage also offers small businesses flexible lines of credit between $1,000 and $150,000.
“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,” Gina Taylor Cotter, a Kabbage senior vice president, said in a press release.
Kabbage’s lending platform gathers data about small-business borrowers, including bank account and transaction information.
American Express acquired Kabbage in 2020. The credit card network was already a leader in small-business lending before it bought Kabbage.
Kabbage's small-business banking offerings include automated bill payment, budgeting software and free access to a network of 19,000 ATMs.
