Global online lender launches Lending-as-a-Service proposition
BERLIN, Germany – 22 January, 2018 – BAWAG Group and multinational online lender Spotcap today announce a market-leading strategic partnership which will give Austrian small and medium-sized enterprises (SMEs) access to same-day financing.
The partnership with BAWAG Group is the first time Spotcap will offer its lending platform and proprietary analytics to a bank and marks the launch of its Lending-as-a-Service proposition.
In addition to its direct SME loan offering in the United Kingdom, the Netherlands, Spain, Australia and New Zealand, Spotcap will now offer Lending-as-a-Service to major institutions, financial or otherwise. Spotcap expects additional partnerships of this nature will evolve in both new and existing markets.
Jens Woloszczak, Spotcap Founder and CEO says: “We are thrilled to launch our Lending-as-a-Service proposition today, and to enter into a strategic partnership with BAWAG Group to power its SME lending offering in Austria. We continuously invest in our lending platform as well as our state-of-the-art analytics to provide SMEs with the financing needed to run their businesses in the most efficient way. The partnership is a testament to what we have achieved developing and operating a direct lending platform across multiple countries.
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.”
BAWAG P.S.K.’s new lending service will be powered by Spotcap and its cutting edge platform, allowing the bank to offer a fully digital and automated solution for same-day finance to its SME customers. The partnership will begin with a focused launch for existing BAWAG P.S.K. customers in the first quarter of 2018, before becoming available to all Austrian SMEs.
David O‘Leary, Member of the Managing Board and Head of Retail for BAWAG P.S.K.: “Our strategic partnership with Spotcap is another step forward in BAWAG P.S.K.‘s digital roadmap, and commitment to continually optimize digital channels and offer best-in-class products, whether through in-house development or strategic partnerships. After an intensive review of the global alternative lending market, we selected Spotcap, on the strength of its technology and analytics. We have made it our aim not only to make banking easier, but also better for our customers. With this in mind, our new offering will be a leap forward for our SME customers and SME owners in Austria, as they can focus on managing and growing their businesses rather than spending significant time securing financing.
As the partnership evolves, both parties will consider ways to offer additional value-add financial services to SMEs in the greater DACH region.”
Woloszczak adds: “Traditional players and fintechs need to think collaboration, not competition. By working together we can better serve SMEs and offer them solutions best suited to their needs.”
Spotcap’s lending platform allows SMEs to complete an online application in as little as a few minutes. Its proprietary analytics capture real-time insights from alternative data sources to identify how a business is performing today, and can make a prediction about future performance.
For more information about Spotcap, please visit: www.spotcap.com
Spotcap empowers small business owners with tailored finance, allowing them to focus on what really matters – their business. The company has developed a unique proprietary lending platform and credit algorithms which offer a fast and superior assessment of the real-time performance of small businesses. Led by Founder and CEO Jens Woloszczak, Spotcap is headquartered in Berlin Germany, and operates as a direct lender to SMEs in the United Kingdom, the Netherlands, Spain, Australia and New Zealand. The company will now offer its proprietary technologies and models to major institutions, financial or otherwise, under its Lending-as-a -Service proposition. Spotcap has raised 100 million euros in funding and is backed by a number of high profile investors including Rocket Internet, Finstar Financial Group, Access Industries, Holtzbrinck Ventures and Heartland Bank. The growing team currently consists of more than 120 employees globally.
Read more about Spotcap: www.spotcap.com
About BAWAG P.S.K.
BAWAG Group AG is the holding company of BAWAG P.S.K., which is headquartered in Vienna, Austria, with banking subsidiaries easybank and start:bausparkasse in Austria and Südwestbank in Germany. With more than 2.5 million customers, BAWAG P.S.K. is one of Austria’s largest banks operating under a well-recognized national brand. The Bank applies a low-risk, efficient, simple and transparent business model focused on Austria, Germany, and developed markets. The Bank serves retail, small business and corporate customers offering comprehensive savings, payment, lending, leasing, investment, building society and insurance products and services through various online and offline channels.
Read more about BAWAG Group: https://www.bawaggroup.com
For further information please contact:
Global Head of Communications
Tel: +49 (0) 15901313090
BAWAG Group AG
Benjamin del Fabro
Head of IR & Communications
Tel: +43 (0) 5 99 05-22456
Tel. +43 (0) 5 99 05-31210
Originally published January 22 2018 , updated May 17 2019