Online lender Spotcap just announced a partnership with New Zealand bank in which the bank provides €14 million of debt funding to the growing FinTech startup from Germany. Most recently Spotcap has launched in New Zealand – its 5th market. While global investment in the fintech sector has grown rapidly in the last five years. Australia and New Zealand are two of the fastest growing alternative finance markets across the Asia-Pacific region.
Spotcap was founded in 2014 and provides online credit lines and business loans to small and medium-sized businesses (SMEs). While traditional lenders make credit decisions based on historical financials and old-fashioned credit scoring, Spotcap uses a unique, proprietary credit algorithm which provides deep insight into the financial condition of a business, enabling quick, sound decisions. After launching in Spain, Spotcap expanded to the Netherlands and Australia in 2015, the UK in 2016 and New Zealand in 2017.
Jens Woloszczak, the co-founder of Spotcap who took over the CEO position from Toby Triebel last year, stated: “Collaboration is essential to the growth and development of the fintech industry and has been part of our strategy since we launched in 2014. We are happy to have entered a partnership with Heartland, it’s an important milestone for Spotcap.”
Spotcap has issued more than €65 million in credit lines to SMEs around the world and has successfully raised €78 million in equity and debt funding. The FinTech startup is backed by a number of popular investors including Rocket Internet, Finstar Financial Group, Access Industries, Holtzbrinck Ventures, Kreos Capital and Heartland Bank.