NEW YORK–Kabbage, a unit of American Express, has launched Kabbage Checking, which it said is the first business checking account offered by American Express and “built for U.S. small businesses.”
The product is debuting with an APY of 1.10% on balances up to $100,000, with the company saying the offering is designed to help small businesses grow, with no monthly maintenance fees, no set-up fees and convenient on-the-go features.
American Express said Kabbage Checking marks the first of several new digital cash flow management it is offering. It has also recently introduced Kabbage Funding to its existing customer base, with plans to roll it out to newer customers 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,” the company said.
No Need to ‘Sacrifice’
"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, SVP-strategy and business operations at Kabbage. "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 compelling APY to directly support our customers' growth."
Small business owners can apply online for a Kabbage Checking account in minutes, regardless of their business's age or revenue, American Express said.
The Offerings
Kabbage Checking offers:
- 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 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.