American Express Launches New Small Business Checking

American Express announced its acquisition of small-business lender Kabbage last August and didn’t waste any time leveraging the fintech company’s platform to create a new checking account for small businesses. The first of its kind for the major credit card company, Kabbage Checking offers a fee-free way for business owners to bank and also provides a significant interest rate on deposits.

Key Takeaways

• American Express acquired online business lender Kabbage in August 2020.
• On June 14, Amex launched Kabbage Checking, its first checking account tailored for small businesses in the U.S.
• The account has straightforward pricing that includes no monthly fee as well as other breaks on fees that are common among small business checking accounts.
• Business owners will also earn an interest rate on their deposits that rivals some of the best high-yield savings accounts.
• The new account is one of two new Kabbage products Amex has launched since the…

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