Kabbage Acquires Orchard
Dear Industry Members, Colleagues and Friends,
In case you have not heard the good news, it has been announced that Kabbage, a global financial services, technology and data platform serving small businesses, has entered into a definitive agreement to acquire substantially all of the assets of Orchard Inc., and the deal is now formally closed. The acquisition will allow Kabbage to integrate Orchard’s best-in-class technology platform for enhanced data capabilities, and will accelerate future product development and services for Kabbage’s strategic partners and small business customers.
In 2013, my co-founders and I started a small Meetup group in NYC focused on online lending and attended the first LendIt conference. Over the course of five years, Orchard evolved into a leading platform in the space serving hundreds of institutional investors and dozens of lenders across a wide variety of products. Along the way, I got the great pleasure of working with many amazing people including all of the employees that made Orchard such a wonderful team. The community and relationships created during this time make me proud, and I will remember them forever.
Every great story has a series of chapters, and the final one for Orchard is to join the talented team at Kabbage. The two companies share a passion for technology and data, and have an ambitious roadmap ahead. The future is bright, and I am really excited for the teams to merge.
I would like to thank everyone in the online lending community that supported us and give a heartfelt thank you to my fellow co-founders, employees, customers and partners who believed in what we had set out to do and sustained us along the way. Without our 3,000+ strong Meetup members and 10,000+ newsletter subscribers, Orchard would not be the company it is at this point in time.
I officially sign off as Orchard’s CEO today and bid everyone a fond farewell on behalf of the team at Orchard. We look forward to reconnecting with all of you soon.
Thank you again for your ongoing support and friendship.
Onward and upward,
Matt Burton & The Orchard Platform Team