Kabbage to set up in Ireland after €50m investment from ISIF

Kabbage, an online financial technology company that provides funding through its automated lending platform, is to establish its European headquarters in Ireland after a key investor secured a €50 million investment from a major State fund.

US private investment firm Reverence Capital Partners said it intends to create a number of high-quality financial services jobs in Ireland through its portfolio of companies following the investment from the Irish Strategic Investment Fund (ISIF), a State body controlled and managed by the National Treasury Management Agency (NTMA).

The company said in conjunction with the ISIF and IDA Ireland, it would seek to advance the development of the financial services sector locally by encouraging other Reverence portfolio companies to consider establishing a presence in Ireland.

Reverence Capital Partners was founded in 2013 by Milton Berlinski, Peter Aberg and Alexander Chulack. Current investments in the group's portfolio include Victory Capital Management, Russell Investments and Diamond Resorts International.

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Kabbage, headquartered in Atlanta, has pioneered a financial services data and technology platform to provide funding to small businesses in minutes. Earlier this month, the company secured over $500 million (€460 million) in fixed-rate, asset-backed notes.