What sets us apart, in the words of one of our own

As 2017 came to a close, Spotcap hosted some 40 students from the Dutch University InHolland. These students were in Berlin as part of their week-long study trip, getting to know the city as much as its finance landscape.

The third year banking and insurance students visited our office to learn what we do, how we do it and most importantly how we are different from a bank. Together with three colleagues we set out to answer these questions to help the students learn more about Spotcap as a fintech business.

As I work directly with our clients in my role as Head of Client Service of the UK and the Netherlands, my take on our USP centered around the experience we offer to our clients and partners. Unlike traditional methods of applying for finance, we offer a complete online application process which can be completed in five to 15 minutes. The speed with which our algorithm and team of credit experts assess applications is also quite different to traditional players that can take weeks to make a decision. All in all, we offer a fast and efficient service enabled by a number of innovative technologies which our team has developed with their own hands and minds.

Spotcap’s Product Manager Laura was up next to take the students through a live demo of our application process. She explained how each one of our technologiesfrom geomapping to document recognitionwork together to enable our speedy application process.

One of our Senior Underwriters Thijs showed the students what an application looks like for our underwriting team. He also broke the assessment process down into bite-sized pieces, easily digestible for those new to the world of technology-enabled underwriting. You see at Spotcap, we use tried and tested credit assessment principles, combined with advanced data analysis, machine learning and human analytical skill to determine how a business is performing today, and its future performance. 

Our credit algorithm is supported by a number of machine-learning models devised by Spotcap’s risk team. Our Senior Risk Analytics Manager Konrad took the stage next to delve into one of our evolving models – Spotcap’s Bank Account Model which incorporates more than 200 numerical variables. To read more about it check out this blog which Konrad wrote last year.

Bank account transactional data is one of the strongest sources of predictive information for short-term lending and risk mitigation. The model enables us to identify business owners with a handle on inflows, outflows and working capital, businesses which are heavily reliant on one client, or too seasonal to be sustainable. Essentially the model can make a prediction about how a business will perform in the future.

At the end of the presentation, the students from InHolland had a pretty thorough understanding of what sets Spotcap apart, and we’re proud to say that many of the students seemed keen to forge a career in fintech. We couldn’t be happier about that as we are working globally to overcome the fintech talent shortage through various scholarship programmes designed to inspire the next generation of fintech talent.

Koen Van der Schoor, Head of Client Service of the UK and the Netherlands, Spotcap