The race to serve small businesses is heating up. American Express unveiled its new checking account, Kabbage Checking. The checking account was launched with technology developed by online small business lender Kabbage, which Amex acquired in August last year.
Amex debuted the checking account in June. The product is a no-fee digital account for small and medium sized businesses. It comes with mobile check deposits, a debit card, bill pay and savings features. Customers can also carry out cash transactions at a network of ATMs and retailers. The account also offers 1.1 percent interest on balances up to $100,000.
The account also offers lines of credit between $1,000 and $150,000. Moreover, loans are underwritten in minutes with APIs that analyze a small business’s real-time business data.
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