09:12:10 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,202,881,653
Close 2016-06-22 C$ 64.91
Market Cap C$ 78,079,048,096
Recent Sedar Documents

Globe/CP say Scotiabank partners with Kabbage

2016-06-23 08:36 ET - In the News

The Globe and Mail reports in its Thursday edition that Scotiabank is pairing with on-line lender Kabbage to offer small business loans. A Canadian Press dispatch to The Globe says the partnership will allow Scotiabank customers in Canada and Mexico to apply for small business loans of up to $100,000 using Kabbage's technology platform. The service will be available to existing Scotiabank small business customers who are not currently borrowing from the bank. The bank also plans to expand the service to all Canadians by early next year, and also hopes to launch the offering in Colombia, Chile and Peru in the future. Kabbage uses data analytics to determine a borrower's creditworthiness in minutes. Scotiabank had previously invested in Kabbage, which has its headquarters in Atlanta. Industry insiders have predicted that banks will look to partner with existing fintechs, rather than building their own systems from scratch. "What we've found is that going to somebody who has already thought through the customer experience is a great way to get to market a lot faster," said Scotiabank's Jeff Marshall. The bank is constantly scanning the fintech space looking for potential partners and acquisition targets.

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