Online lender Spotcap reaches 500 million euros in 12 months - Spotcap

Online lender Spotcap reaches 500 million euros in 12 months

First assessment of Rocket Internet’s newest fintech company

Berlin, 7 October 2015: 12 months, 3 countries, 2 continents, 18 million euros in funding, 20,000 registered users and credit inquiries amounting to 500 million euros. This is the first assessment of Rocket Internet’s newest fintech company Spotcap, a multinational online lending platform for small businesses.

Toby Triebel, Spotcap CEO and co-founder: “Since our launch in September 2014 in Spain, Spotcap has shown monthly double-digit growth rates. Our rapid growth in Spain, the Netherlands and Australia reflects that small businesses are increasingly turning to alternative financing providers. The small business financing landscape is changing continuously and we’re delighted to be at its forefront.”

Spotcap is headquartered in Berlin, with local offices in Madrid, Amsterdam, and Sydney. In its first year of business, the company has raised 18 million euros in equity and debt capital and successively grown its team to 65 employees. Over the past 12 months, Spotcap has been able to offer average interest rates between 1 and 1.5 percent to its clients. The company’s interest rates start at 0.5 percent per month.

In its second year of business, Spotcap aims to continue its global expansion into new markets, expand its product offering and approach its goal of becoming a global leader for short-term online business loans.

While loans for big businesses have increased since the financial crisis, loans for small and medium-sized businesses have dropped significantly. Small business owners in particular often struggle to secure funding from traditional financial institutions.

The market opportunity for alternative finance providers like Spotcap is significant. According to the European Alternative Finance Benchmarking Report, the European alternative finance market as a whole grew by 144% – from 1,211 million euros in 2013, to 2,957 million euros in 2014.

Spotcap leverages big data to provide loans to micro-, small- and medium-sized enterprises that are underserved by traditional banks. The advantages are a simple and fast application process as well as a quick credit decision.

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