First important milestone for alternative business funding in Spain
MADRID, FEBRUARY 5, 2015: Only five months after its launch in Spain, the Rocket Internet backed online credit platform Spotcap has reached its first important milestone: since its launch in September 2014, the financial technology company has provided 1 million euros in credit lines serving hundreds of Spanish businesses. Within the last two months Spotcap has also increased its number of credit applications by 300 percent.
According to a recent study by the European Central Bank, 39.5% of loans for SMEs in Spain are rejected. While loans for big businesses have increased since the financial crisis, loans for small businesses have dropped. Small business owners in particular often struggle to secure funding and commonly state that access to capital is their main obstacle for growth. “Spotcap aims to revolutionize the lending business with fast and flexible online financing. The positive feedback proves that we are an attractive alternative to banks for Spanish business owners,” states Toby Triebel, CEO and co-founder.
Spotcap’s rapid growth reflects the high demand by small businesses for fast and flexible financing solutions. Spotcap’s clients stem from a wide variety of industries encompassing amongst others manufacturing (14%), retail (23%), services (24%) and wholesale companies (26%). Toby Triebel: “Access to funding can mean the difference between success and failure for entrepreneurs and small businesses. Considering the current market situation we see significant growth potential for the alternative lending landscape in Spain.”
Spotcap provides online business loans to small and medium sized enterprises. The company leverages cutting-edge technology to meet the needs of small businesses more efficiently than traditional lenders. Spotcap looks at the real-time business performance to provide fast and flexible financing. Extending its product offering from credit lines for online merchants to credit lines for all companies, the company has expanded from a niche market to a customer group of more than 2.25 million Spanish SMEs.
Originally published February 5 2015 , updated September 27 2018