Spotcap partners up with major bank to offer same-day financing

This year, we set out to collaborate with other companies which share our mission to empower SMEs with tailored finance, working with them to make finance more simple and accessible through digitalisation. Today we are proud to announce our first collaboration of this nature.  

Spotcap has entered into a market-leading strategic partnership with BAWAG Group to give Austrian small and medium-sized enterprises (SMEs) access to same-day financing. 

More than 99 percent of Austrian businesses are small or medium-sized and access to finance is a key challenge for SMEs in Austria, as it is for SMEs globally. BAWAG P.S.K.’s new SME finance offering will be powered by us, and our lending platform with supporting analytics.

This strategic partnership is the first time we have offered our lending platform and proprietary analytics in collaboration with a major institution, financial or otherwise, and this announcement marks the launch of our Lending-as-a-Service proposition.

We will now provide Lending as a Service to major institutions in addition to our direct SME loan offering in the United Kingdom, the Netherlands, Spain, Australia & New Zealand. We expect to strengthen our offering in both areas in the months and years to come.  

After an intensive review of the global alternative lending market, BAWAG Group selected us on the strength of our technology and analytics. This partnership is a testament to what we have achieved as a direct lender in each of our markets.

BAWAG Group’s strong motivation to improve its digital offering and further focus on supporting SMEs coupled with its commitment to partner with best-in-class fintechs, makes the bank an ideal partner to work with under our Lending as a Service proposition.

The partnership will begin with a focused launch for existing BAWAG P.S.K. customers, before becoming available to all Austrian SMEs. As the partnership evolves, both parties will consider ways to offer financial products to SMEs in the DACH region.

Read more about the announcement in our press release here.

Source: Study on Medium-sized companies 2016 (Austrian Federal Ministry of Economics, Science and Research)

The Austrian economy is dominated by small and medium-sized enterprises (SMEs): 99.7% of Austrian enterprises belong to the SME sector, which is also responsible for the majority of turnover and gross value added. SMEs play a central role in employment and skills development: two-thirds of employees and apprentices are employed in an SME.