"Online business lender Spotcap has secured $20 million in funding from Heartland Bank, which has told the New Zealand stock exchange one of its key strategic priorities is "growing its presence in Australia"."
“European-based online lender Spotcap is today launching its New Zealand operations in Auckland, further cementing New Zealand as one of the fastest growing fintech markets in the Asia Pacific region.”
“Spotcap provides flexible and accessible funding solutions to small and medium-sized enterprises (SMEs) with unsecured credit lines and business loans of up to $250,000. Rather than basing credit decisions on historical financials, Spotcap has developed a unique, proprietary credit algorithm which provides deep insight into the financial condition of a business, enabling quick, sound credit decisions.”
"The Australian division of European-based online lender Spotcap has today announced a partnership with New Zealand’s listed Heartland Bank, which is providing the fintech with a A$20 million funding facility to help grow Spotcap across Australia and expand into New Zealand."
“Global fintech giant Spotcap secures $50 million investment as it looks to expand presence in Australia”
“Spotcap’s better-than-expected launch has driven the company to more than double its maximum loan size to $250,000 for up to 12 months. The company has also lent to businesses from all states and territories, mostly to those in the retail and services sectors.”
“New small business lender Spotcap will use a €31.5 million ($48.5 million) debt and equity injection from private equity house Finstar Financial Group to expand operations in Australia, Spain and The Netherlands and into new markets.”
“Small business lender Spotcap has raised close to A$50 million in its third financing round since launching in September 2014.”
“Fintech lender Spotcap has announced it is now integrated with all six of Australia’s accounting software solutions, and has increased its maximum loan amount.”
Online lending platform Spotcap has just closed a $50 million funding round and will be using a chunk of that to help grow its presence in Australia. Spotcap has had an office in Sydney since May 2015 with 10 staff and this new round will help grow that operation.”
“Lachlan Heussler, Managing Director of Spotcap Australia, says banks typically want security, such as a borrower’s home, but fintech lenders are keen to write unsecured loans and make decisions within 24 hours.”
“Lachlan Heussler, Managing Director, Spotcap Australia has questions about the government’s innovation statement. He says, “In order to maintain Australia’s position as a leader in the Asian market, policy needs to address the regulatory environment and take steps to create an entrepreneurial culture similar to that of the US and UK.”
“We will use the funds to invest in three key pillars of the Australian business – our customers, our staff and our technology. In the coming months we intend to expand the local team, grow our customer base and further improve our product and user experience,” said Lachlan Heussler, Managing Director of Spotcap Australia.”
“Online lending platforms such as Spotcap have developed unique credit algorithms which leverage real-time business data to provide unsecured lines of credit in a fast and flexible way. In many cases the application process can be completed entirely online and funds can be in your account within 24 hours of the application being approved.”
“Lachlan Heussler, the Managing Director of new online lender Spotcap, says the small business market is ripe for disruption.”
“Fintech lenders have fast, efficient and easy-to-use processes and platforms. For example, a credit application with Spotcap can be completed in as little as five minutes and financial data can be pulled directly from an accounting software application. Once complete, lines of credit are approved and made available within 24 hours. It’s as easy as that.”
“The Minister for Small Business Bruce Billson has backed a flurry of new online lenders targeting small and medium businesses to pressure the big banks to extend more credit to the often ignored sector.”
“Berlin-based Spotcap is yet another notable start up. It is an online lender to small businesses and became an international start-up when it opened its office in Australia through Stone & Chalk.”
“Online lender Spotcap offers business loans of up to $150,000 through a paperless process and is now working with the FBAA and the MFAA to engage brokers.”
“The Berlin-based online lender to small businesses, Spotcap, is another international start-up to open an office in Australia through Stone & Chalk.”
“Small businesses provide access to their bank accounts or online accounting software and plug in tax and financial statements, which Spotcap’s credit model uses to assess how much finance it will provide and at what interest rate.”
“Online lender Spotcap offers business loans of up to $150,000 through a paperless process and is now working with the FBAA and the MFAA to engage brokers.”
“Online lender Spotcap offers business loans of up to $150,000 through a paperless process and is now working with the FBAA and the MFAA to engage brokers.”
“Spotcap Australia has issued more than $1 million worth of credit to SMEs in its first 60 days of operation, which has exceeded our expectations and validates to us that there is significant demand for our credit line product from small businesses in Australia.”
“We saw a massive funding need for small businesses” in Spain, Toby Triebel, one of the company’s founders, said in an interview. “Banks are reluctant to lend to businesses in any case given the massive economic pressure.”
“Spotcap will differentiate itself by offering a free line of credit for up to three months. As soon as the company starts drawing on the loan, it becomes a “vanilla amortising” business loan that has to be paid back within six months.”
“Spotcap says its service cuts out the need for paperwork and process, which makes it able to provide an offer to a customer within just five minutes of receiving their application online.”
“Australia was a natural choice when it came to expanding out of Europe because of the large number of SMEs that had adopted online technology, including cloud accounting.”
“Spain has embraced entrepreneurship with open arms and shown that it has the potential to become an SME powerhouse. It is where Rocket Internet-backed online credit platform Spotcap was recently launched, in Madrid, servicing startups all over Europe, and where entrepreneurs are currently generating most of Spain’s new jobs.”
“Europe-based Spotcap is the latest online business lender joining the rush to offer fast short-term loans to Australian small businesses.”
“Spotcap focuses on small- and mid-sized enterprises, or SMEs, that have been active more than a year. Those businesses often have limited access to credit as they pose more risk to banks and don’t have the track record to prove their ability to repay the funds.”