Small business banking company Kabbage is set to acquire startup Orchard Platform Markets, a provider of lending data and services, it was reported yesterday.
The transaction, as yet unconfirmed by Kabbage and Orchard, would integrate Orchard’s technology into Kabbage’s platform, with some Orchard employees set to move to Kabbage’s New York office.
Plans for the deal remain private, as does the amount that Kabbage will pay, sources familiar with the matter told American Banker.
Founded in 2013, Orchard provides marketplace lending data to financial institutions. The company had been recently searching for a buyer, sources familiar with the matter told American Banker. The startup has raised approximately $40 million in funding from investors including Spark Capital.1 - Reader Likes This Post