A new company now makes it possible to get capital based on Facebook and Twitter activity
By Barry Moltz, Chicagobusiness.com
In the search for cash for your business, forget about going to a bank and bringing your financial statements. A new company now makes it possible to get capital based on Facebook and Twitter activity.
Kabbage Inc. has a new program called “Social Klimbing,” which gives small online businesses access to capital based on their social network activity. This is the first time a financial services company has provided benefits to its customers as a result of their social media activity.
Kathryn Petralia, Kabbage co-founder and COO, said, “With Social Klimbing, small businesses can benefit from maintaining and growing relationships with their customers through Facebook and Twitter. While other companies are ‘talking’ about customer engagement, Kabbage is actually quantifying and utilizing it as a means to give small businesses more capital to grow.”
The company reportedly reviews marketplace data, such as seller ratings for online merchants, to underwrite its business customers. According to their press release, Social Klimbing allows customers to connect their Kabbage accounts to Facebook fan pages and Twitter feeds, which is “immediately analyzed and translated into additional capital. As customers increase followers, activities and chatter on Twitter and Facebook, they will automatically gain access to more funds.”