The Berlin-based fintech startup Spotcap just raised additional €22 million of equity and debt funding from its existing investor network. It has now raised €100 million of investment since its launch in September 2014. In addition, the young company announced that within the past three years, its online lending platform has issued more than €120 million in credit lines to small and medium-sized enterprises (SMEs).
Jens Woloszczak, Spotcap Founder and CEO: “We’ve experienced significant growth over the past three years, which is a testament to the fundamental need SMEs have for flexible and accessible financing. With close to 60% of our current loan book being attributed to our global partner network, it’s fair to say our partners have had a significant hand in our success.”
The company has established a distribution network of more than 10,000 intermediaries including financial advisors, accountants and finance brokers. In the next 12 months, Spotcap will continue to work with its intermediary partner network to increase its global market share. The business will also focus on strengthening and building strategic partnerships.
Earlier this year, Spotcap announced a partnership with Heartland, New Zealand’s only NZX-listed bank. The partnership began with the bank investing €14 million (A$20M) of debt in the business and has evolved into a strategic, mutually beneficial relationship.
With its expansion into two new markets within the last 12 months (the United Kingdom and New Zealand), Spotcap’s team, now 120, has grown by 50% during the same period. The company now operates in Spain, the Netherlands, the United Kingdom, Australia and New Zealand. Spotcap leverages its proprietary credit platform and risk algorithm to provide credit lines and loans to SMEs.
The first time we introduced you to the company was in July 2015, when we mentioned Spotcap as one of the 15 hottest European fintech startups.