Berlin, Germany – 11 September, 2018 — Global fintech lender Spotcap has issued more than EUR 250 million in credit lines since its launch in 2014.
The company combines robust credit assessment principles with innovative technology to offer a smooth and straightforward loan experience. The fintech undertakes cash flow based, rather than credit-score based underwriting, resulting in a fair assessment of the real-time performance of a business.
In the last 12 months, Spotcap experienced more than 100 percent year-on-year growth in the volume of credit lines it provided, growing at a faster pace than the alternative finance industry, which recently experienced 41 percent year-on-year growth in Europe.
Jens Woloszczak, Founder and CEO of Spotcap says:
“We are delighted to have issued a quarter of a billion in credit lines to businesses across our five markets. Spotcap has experienced tremendous growth in the past year thanks to our enhanced product offering, the dedication of our team and businesses exploring new ways to access finance. Our goal is to have issued EUR 500 million in credit lines in the near future.”
Spotcap’s customers are primarily established businesses in the capital development stage, showing signs of stability or sustainable growth:
- Half of its customers have been in business for more than 10 years (50%)
- Almost two thirds of its customers turnover more than EUR 2 million in annual revenue (65%)
- Three quarters of its customers are 40 years or older (75%)
- Spotcap serves businesses from a wide range of industries, with services (26%), manufacturing (19%) and retail (17%) topping the list
“We will continue to grow our lending activities by continuously developing our technology to offer our customers and partners the best possible experience. Additionally, we will strengthen existing and enter into new strategic partnerships with select enterprises and banks”, adds Woloszczak.
Spotcap operates as a direct lender in the United Kingdom, the Netherlands, Spain, Australia and New Zealand and earlier this year entered into a market-leading strategic partnership with BAWAG Group to give Austrian SMEs access to same-day finance.
For further information, please visit: www.spotcap.com.
Originally published September 11 2018 , updated May 17 2019