Spotcap raises additional €22M in funding
BERLIN, Germany – 9 October, 2017 – In three years, online lender Spotcap has issued more than €120 million in credit lines to small and medium-sized enterprises (SMEs).
The fintech also raised an additional €22 million of funding from its existing investor network. It has now raised €100 million of investment since its launch in September 2014.
Jens Woloszczak, Spotcap Founder and CEO: “We’ve experienced significant growth over the past three years, which is a testament to the fundamental need SMEs have for flexible and accessible financing.”
The company has established a distribution network of more than 10,000 intermediaries including financial advisors, accountants and finance brokers.
“With close to 60 percent of our current loan book being attributed to our global partner network, it’s fair to say our partners have had a significant hand in our success,” said Woloszczak.
In the next 12 months, Spotcap will continue to work with its intermediary partner network to increase its global market share. The business will also focus on strengthening and building strategic partnerships.
Earlier this year, Spotcap announced a partnership with Heartland, New Zealand’s only NZX-listed bank. The partnership began with the bank investing €14 million (A$20M) of debt in the business and has evolved into a strategic, mutually beneficial relationship.
“Our partnership with Heartland was an important milestone for Spotcap, and one that we’re very proud of. We’re now exploring new ways, including white-labeling, to provide our technological expertise to established players and to work with them to explore new markets and underserved SME communities,” explained Woloszczak.
With its expansion into two new markets within the last 12 months (the United Kingdom and New Zealand), Spotcap’s team, now 120, has grown by 50 percent during the same period.
The company now operates in Spain, the Netherlands, the United Kingdom, Australia and New Zealand. Spotcap leverages its proprietary credit platform and risk algorithm to provide credit lines and loans to SMEs.
Spotcap provides flexible and accessible small business loans, allowing entrepreneurs to focus on what matters – their business. Spotcap developed its credit risk algorithm in-house and lends from its own balance-sheet. Headquartered in Berlin Germany, Spotcap launched in Spain in September 2014 before expanding to the Netherlands and Australia in 2015, the UK in 2016 and New Zealand in 2017. The company is led by Founder and CEO Jens Woloszczak. The growing team currently consists of more than 120 employees. Spotcap is backed by a number of world-class investors including Rocket Internet, Finstar Financial Group, Access Industries, Holtzbrinck Ventures, Kreos Capital and most recently Heartland Bank.
Read more about Spotcap: www.spotcap.com
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Originally published October 9 2017 , updated September 27 2018