New York-based American Express Business Blueprint is an online financial technology provider. It began as Atlanta, Georgia-based finance startup Kabbage in 2010. A proprietary online lending platform was called Kabbage. It provided approximately 250,000 small businesses and customers in the US with loans, credit lines, business checking accounts, online bill payments, and cash flow visualization tools.
US credit card giant American Express purchased Kabbage in August 2020. In order to transition from providing loan servicing to issuing Paycheck Protection Program (PPP) loans, Kabbage formed KServicing. The US Bankruptcy Court granted KServicing permission to dissolve Kabbage, Inc. in March 2023.
Abbage’s PPP service was driven by its technological infrastructure, which provided $7 billion in PPP loans to small firms throughout the United States. Under the Kabbage brand, American Express provides SMBs with banking services. American Express changed the name of Kabbage to Business Blueprint in January 2023.
Business checking accounts, credit lines, loans, and a cash flow management center are all offered by American Express Business Blueprint. The platform provides small businesses with cutting-edge financial products. Business Blueprint isn’t the only online finance option available, though, for expanding businesses. Chase, Bluevine, Novo, LendingClub, Wells Fargo, Accion, Grasshopper, and Axos are some of the fierce rivals of the service.
JPMorgan Chase’s consumer and business banking segment is called Chase, and it is an American national bank. It provides credit cards, retirement accounts, savings accounts, and loan options. JPMorgan Chase reduced their staff by 500 employees in May 2023 as a result of purchasing First Republic Bank.
Chase is a comprehensive platform for corporate banking. To access the company’s products, which include Platinum Checking, Performance Checking, and Business Complete Banking, customers must pay a monthly subscription fee. All options, however, have a cap on the quantity of complimentary transactions and cash deposits given to customers. The best substitute and rival to Business Blueprint is Chase Bank.
Fintech company Bluevine provides small businesses with banking options. The company employs 580 people at its offices in Jersey City, Austin, Salt Lake City, Redwood City, Bengaluru, and Tel Aviv, and it has more than $1 billion in deposits. By August 2023, Bluevine had helped over 500,000 entrepreneurs and arranged loans totaling over $14 billion.
Small enterprises could apply for PPP loans from Kabbage and Bluevine. Bluevine provided more than 155,000 PPP loans totaling more than $4.5 billion in 2020. Bluevine offers digital banking services, such as checking, loans, and payments, to more than 33 million users. To shield clients from the possibility of losses, the fintech startup introduced FDIC coverage for up to $3 million in September 2023. A strong rival to Amex Business Blueprint is Bluevine.
Novo is a small business and freelancer-focused banking platform. The business provides Novo Boost for same-day payments using Stripe and Express ACH, as well as Novo Invoices for quicker payment delivery. Novo obtained a $125 million facility in August 2023 in order to introduce its new Novo Funding platform. Small firms can receive up to $75,000 in working capital with this program.
Users of Novo can link their banking and business apps to their Novo accounts. Additionally, they can personalize their Novo accounts to handle crucial business operations centrally. Novo was the recipient of the 2023 FinTech Breakthrough Awards’ Best Digital Banking Platform Award in March 2023. Novo is Kabbage’s rapidly expanding rival.
Know more about vist: https://bstrategyhub.com/american-express-business-blueprint-competitors-and-alternatives/
