Kabbage Launches Kabbage Payments to Help Small Businesses Get Paid Faster

Kabbage, a US fintech backed by Softbank which uses AI-based algorithms to help work out the terms of small business lending, is launching a payments service which it says will cut the time it takes small businesses to get paid from 90 days to 24 hours.Kabbage Payments, which is being launched following a test launch, is one of a number of products being launched by the US fintech in the coming months, geared towards small businesses.Kabbage says two thirds of its more than 200,000 customers rely on invoicing to receive payments and that it can take as long as 90 days for them to get paid.The US fintech says that its new payment service will be able to cut the time down to 24 hours.