Swiss bank can now offer access to business loans within 48 hours
BERLIN, Germany — 3 March, 2020 — Spotcap, a multinational fintech, and Cembra Money Bank have partnered to launch a new digital lending service for Swiss small and medium-sized enterprises (SMEs) named Cembra Business.
In addition to its consumer finance services, Cembra Business will now offer loans of up to CHF 250,000 to SMEs, which, according to The Swiss Federal Council, make up more than 99% of companies and are responsible for two-thirds of the available jobs in Switzerland.
Businesses can apply online in 15 minutes and receive a credit decision within one working day. Funds are available to approved borrowers in 48 hours.
Régis Lehmann, Head of Cembra Business, said: “As Cembra Business, we take pride in meeting our customers’ needs with secure and simple financing. Spotcap’s lending technology has played a key role in extending our customer promise to the business segment, because it enables us to provide fast credit decisions and the optimal loan offering for each case.”
Jens Woloszczak, Spotcap co-founder and CEO, commented on Cembra’s move into small business lending, saying that “it demonstrates what financial institutions can achieve by partnering with fintechs. Cembra Business was able to leverage our innovative technology and analytics and launch a new service in a matter of months, rather than years. Despite how strong Switzerland’s financial market is, there is still untapped demand for digital lending services, and we are honoured to accompany Cembra Business in its expansion.”
Spotcap is a multinational fintech operating as a direct lender and a Lending-as-a-Service provider. Founded in 2014, it has originated more than EUR 400 million in credit lines operating as a direct lender to SMEs in the United Kingdom, Netherlands, Spain, Australia and New Zealand.
Its success in these markets stems from a strong customer service culture and its loan application technology, which allows processing of all cases within one working day. Together they create an efficient and high-quality business finance experience, which has earned Spotcap a position as a top-rated business lender.
Since 2018, Spotcap has also been working with financial institutions to enable their lending operations with its end-to-end business lending platform featuring proprietary document recognition and risk assessment algorithms. The company has helped multiple organisations, such as BAWAG Group in Austria, buy-now-pay-later provider Zip Co in the ANZ region, and now Cembra Money Bank in Switzerland, to offer straightforward financing for SMEs in their respective regions.
Read more about Spotcap: www.spotcap.com
About Cembra Business
Cembra Business is a business unit of Cembra Money Bank and offers financing solutions specifically for Swiss SMEs. Cembra Business aspires to be the number one choice for SMEs in providing online financing inSwitzerland. In the long run, its product and service range aims to cover all of the financing needs of Swiss-based SMEs.
Cembra Money Bank is a Swiss bank and a leading Swiss provider of consumer credit products and services. Its product range includes personal loans, auto leases and loans and credit cards, as well as deposit and savings products. Cembra’s wholly owned subsidiary Swissbilling also offers invoice financing and other products.
Cembra serves over 1 million customers in Switzerland and has more than 1,000 employees from 36 different countries. In September 2019, Cembra completed the acquisition of the consumer finance provider cashgate. Cembra Money Bank AG has been listed on the SIX Swiss Exchange since 2013.
Read more about Cembra Business:
For further information please contact:
Tel: +49 (0) 162 412 9864
Tel: +41 (0) 44 439 8512
Originally published March 2 2020 , updated June 26 2020