Online Lender Spotcap Partners With Bank and Raises a Further EUR 14MJanuary 31, 2017    By : LTP Team
BERLIN, Germany 30 January, 2017 — Online lender Spotcap announced a partnership with NZX-listed New Zealand bank, Heartland, with the bank providing 14 million euros of debt funding to the fast-growing FinTech.
At the same time, Spotcap has launched into its fifth market, New Zealand, further cementing the Asia-Pacific as one of the fastest-growing regions for global FinTech.*
Spotcap provides online credit lines and business loans to small and medium-sized businesses (SMEs). While traditional lenders make credit decisions based on historical financials and old-fashioned credit scoring, Spotcap uses a unique, proprietary credit algorithm which provides deep insight into the financial condition of a business, enabling quick, sound decisions.
“Collaboration is essential to the growth and development of the FinTech industry and has been part of our strategy since we launched in 2014. We are happy to have entered a partnership with Heartland, it’s an important milestone for Spotcap,” said Jens Woloszczak, CEO and Founder of Spotcap.
Spotcap has issued more than 65 million euros in credit lines to SMEs around the world and has successfully raised 78 million euros in equity and debt funding.
CEO of Heartland Bank, Jeff Greenslade, is also optimistic about the announcement:
“Our partnership with Spotcap further highlights Heartland Bank’s commitment to FinTech and digital banking, in line with both our own internal offerings as well as our investments in the sector. We are delighted to gain further exposure to online SME lending and look forward to working with Spotcap to grow its Australian operations,” said Greenslade.
Investment in the FinTech sector has grown from $1.8 billion to $24 billion worldwide in the last five years.** Australia and New Zealand are two of the fastest growing alternative finance markets across the Asia-Pacific region, with particularly high market penetration.***
Spotcap enables small business owners to grow their business by providing flexible and accessible financing. The financial technology company has developed a sophisticated and dynamic decision process assessing the real-time performance of businesses to grant short-term credit lines and loans. Spotcap was launched in September 2014 and expanded to the Netherlands and Australia in 2015, the UK in 2016 and New Zealand in 2017. The company is led by CEO and founder Dr. Jens Woloszczak. The team – currently consisting of more than 90 employees – is expanding its operations geographically. Spotcap is backed by a number of world-class investors including Rocket Internet, the world’s leading global internet platform outside of the US and China, Finstar Financial Group, Access Industries, Holtzbrinck Ventures, Kreos Capital and Heartland Bank.
Read more about Spotcap: www.spotcap.com.
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