American Express is in talks to buy online small business lender Kabbage for up to $850 million in cash, including retention payments, according to Bloomberg.
Talks are advanced and an agreement could be reached this month, says Bloomberg, citing a person familiar with the matter.
Kabbage was valued at more than $1 billion in 2017 after a $250 million investment from SoftBank.
However, the firm has been battered by the Covid-19 crisis, laying off staff and suspending credit lines for some of its customers.