Rocket Internet’s fintech startup Spotcap raises further €31.5M from a Russian billionaire

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Rocket Internet’s lending platform Spotcap just announced the closing of its third financing round. The Berlin-based fintech startup raised € 31.5 million in new funding led by Finstar Financial Group, the VC firm of the Russian billionaire Oleg Boyko. Previous investor Holtzbrinck Ventures also participated in the funding round.

Spotcap will use the fresh capital to expand its operations globally and to finance its online business lending activities in Spain, the Netherlands, and Australia.

This is Spotcap’s third round of financing in 18 months. The financial technology company previously raised € 13 million in funding from a group of investors, including Rocket Internet, Access Industries and Holtzbrinck Ventures as well as € 5 million in debt capital from Kreos Capital.

Nicholas Jordan, CEO of Finstar, commented: “By acquiring a stake in Spotcap, we are strengthening our position in the digital financial services sector and increasing our reach to new territories. As its shareholder and major strategic partner, Finstar will intensify efforts to further develop Spotcap’s innovative online lending platform and facilitate its global expansion into high-yielding markets.”

Toby Triebel, CEO and Co-Founder of Spotcap, commented: “This long-term strategic partnership with a leading investor is a validation of Spotcap’s solid business model and our goal to become a leading global provider of online business loans.”

Spotcap, which we named as one of 10 German startups to look out for in 2016, leverages cutting-edge technology to meet the needs of small businesses more efficiently than traditional lenders. The company uses an innovative credit scoring technology that directly evaluates real-life business data to provide fast and flexible financing.

For more info about Spotcap, check out our interview with Toby Triebel, the Co-Founder and CEO of the startup.