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Kabbage to Acquire Startup Backed by Wall Street Titans

  • Atlanta-based Kabbage is said to buy lending platform Orchard
  • Orchard backers include Vikram Pandit, John Mack, Max Levchin
A Wall Street sign is seen near the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Feb. 19, 2016. Stocks across the globe rallied on February 22, with the Standard & Poor\'s 500 Index extending gains following its best week of 2016, as oil and metals advanced.
A Wall Street sign is seen near the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Feb. 19, 2016. Stocks across the globe rallied on February 22, with the Standard & Poor\'s 500 Index extending gains following its best week of 2016, as oil and metals advanced.Photographer: Bloomberg/Bloomberg

Orchard Platform Markets LLC, a provider of lending data and services backed by the former heads of Citigroup Inc. and Morgan Stanley, is set to be acquired by small-business lending platform Kabbage Inc., said people familiar with the deal.

Kabbage plans to use Orchard’s technology, and some of the employees are also expected to move to Kabbage’s New York office, said the people, who asked not to be identified because the plans are private. It’s unclear how much Kabbage will pay, and the transaction could still fall through. Kabbage and Orchard declined to comment.