ING to start strategic partnership and launch pilot with fintech Kabbage
(Thomson Reuters ONE) -
ING today announced it's starting a strategic partnership with Kabbage, a
leading technology and data platform powering automated lending to small and
medium enterprises (SMEs). The partnership fits ING's strategy to expand its
lending capabilities to SMEs and helps them to get the capital they need to
grow. On 14 October 2015, ING made public it had taken an equity stake in the US
based fintech company in a financing round in which Kabbage raised USD 135
million.
As part of the partnership, ING and Kabbage will start a pilot in Spain,
offering small and medium enterprises (SMEs) loans up to EUR 100,000. Kabbage's
automated loan application and approval process is both accelerated and simple
for customers. It makes use of full credit scoring and real time risk monitoring
and allows SMEs with an existing business account to get a loan within ten
minutes, based on real-time business data.
"This partnership shows we are dedicated to creating a differentiating customer
experience. After a successful launch, we will look into expanding the offering.
This initiative perfectly fits our strategic priority to increase the pace of
innovation," Ralph Hamers, CEO of ING, said. "The cooperation is also in line
with ING's innovation approach to launch new services via both own initiatives
and by working together with and investing in fintechs and startups."
"As financial institutions embrace new lending technology, we see that platforms
like Kabbage are interesting for them to provide a superior experience to their
customers," said Rob Frohwein, Kabbage co-founder and Chief Executive Officer.
"We are incredibly proud of our partnership with ING, and most importantly, we
are thrilled to serve the small and medium businesses powering the economy in
Spain."
Note for editors
Kabbage and ING are speaking on a panel on 'Bank Partnerships with Alternative
Finance & Lending-as-a-service' on the Money 2020 conference in Las Vegas coming
Tuesday 27 October.
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Diederik Heinink ING Group Investor Relations
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ING Profile
ING is a global financial institution with a strong European base, offering
banking services through its operating company ING Bank and holding a
significant stake in the listed insurer NN Group NV. The purpose of ING Bank
is empowering people to stay a step ahead in life and in business. ING Bank's
more than 52,000 employees offer retail and commercial banking services to
customers in over 40 countries.
ING Group shares are listed (in the form of depositary receipts) on the
exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on the New York Stock
Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING's corporate strategy, which is
evidenced by ING Group shares being included in the FTSE4Good index and in the
Dow Jones Sustainability Index (Europe and World) where ING is the industry
leader in the diversified financials group.
Important legal information
Certain of the statements contained in this document are not historical facts,
including, without limitation, certain statements made of future expectations
and other forward-looking statements that are based on management's current
views and assumptions and involve known and unknown risks and uncertainties
that could cause actual results, performance or events to differ materially
from those expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such statements due
to, without limitation: (1) changes in general economic conditions, in
particular economic conditions in ING's core markets, (2) changes in
performance of financial markets, including developing markets, (3)
consequences of a potential (partial) break-up of the euro, (4) ING's
implementation of the restructuring plan as agreed with the European
Commission, (5) changes in the availability of, and costs associated with,
sources of liquidity such as interbank funding, as well as conditions in the
credit markets generally, including changes in borrower and counterparty
creditworthiness, (6) the frequency and severity of insured loss events, (7)
changes affecting mortality and morbidity levels and trends, (8) changes
affecting persistency levels, (9) changes affecting interest rate levels, (10)
changes affecting currency exchange rates, (11) changes in investor, customer
and policyholder behaviour, (12) changes in general competitive factors, (13)
changes in laws and regulations, (14) changes in the policies of governments
and/or regulatory authorities, (15) conclusions with regard to purchase
accounting assumptions and methodologies, (16) changes in ownership that could
affect the future availability to us of net operating loss, net capital and
built-in loss carry forwards, (17) changes in credit-ratings, (18) ING's
ability to achieve projected operational synergies and (19) the other risks
and uncertainties detailed in the risk factors section contained in the most
recent annual report of ING Groep N.V.
Any forward-looking statements made by or on behalf of ING speak only as of
the date they are made, and, ING assumes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information
or for any other reason. This document does not constitute an offer to sell,
or a solicitation of an offer to buy, any securities.
Kabbage partnership:
http://hugin.info/130668/R/1960427/714633.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via GlobeNewswire
[HUG#1960427]
Unternehmensinformation / Kurzprofil:
Datum: 21.10.2015 - 18:01 Uhr
Sprache: Deutsch
News-ID 428574
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