Expansion from niche market to a customer group of 3 million businesses
MADRID, JANUARY 9, 2015: Four months after launching its service for online merchants in Spain, the online credit platform Spotcap expands to serve all small and medium sized businesses. Spotcap is moving beyond a niche market segment to provide alternative funding opportunities to a broad customer group of 3 million businesses.
Spotcap’s rapid expansion indicates the high demand by small businesses for fast and flexible financing solutions. Toby Triebel, co-founder of Spotcap, explains: “We have seen tremendous demand for our service amongst online merchants. In addition, since launch we have received countless requests for Spotcap to serve other businesses too. We are very pleased to offer our loans to all business owners now.”
The rapid product expansion underscores Spotcap’s confidence in the Spanish economy and highlights the increasing demand for access to financing. Toby Triebel: “The business world is changing and small business owners in particular require new ways of financing business growth.” SMEs are major players in the Spanish economy and account for 65% of GDP and 80% of total employed people in Spain.
The credit lines that Spotcap provides to small businesses play a vital role in supporting macroeconomic growth and increasing employment. Applying for Spotcap’s credit lines takes minutes – making it the fastest online credit supplier. Business owners follow a simple 3-step online application process and receive an instant credit decision. Once approved, businesses can flexibly draw under their credit line when they need it, in order to pursue opportunities as and when they arise.
Originally published January 9 2015 , updated September 27 2018