Global SME lender Spotcap surpasses $180 million in credit issued
The online lender has issued credit lines to small businesses in five markets across the world.
Online lender Spotcap has announced it has issued more than $180 million in credit lines to small- and medium-sized enterprises (SMEs) globally in just three years. The lender offers lines of credit up to $250,000 and has been operating in Australia since 2015.
“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," said CEO and founder of Spotcap, Jens Woloszczak.
Spotcap currently operates in five markets, announcing its expansion to the UK in November 2016 and its partnership with New Zealand's Heartland Bank in January 2017. Along with these two markets, Spotcap also operates in Australia, Spain and the Netherlands.
The New Zealand partnership was an "important milestone" for the company and for New Zealand, according to managing director of Spotcap Australian, Lachlan Heussler.
"[It] has opened up new possibilities," he said. “We are now looking at white-labelling, for example, to provide our technological expertise to established players and to work with them to explore new markets and underserved SME communities.”
Spotcap currently has a global distribution network of more than 10,000 intermediaries including financial advisors, accountants and finance brokers, which 60% of the loan book is attributed to.
"It’s fair to say our partners have had a significant hand in our success,” said Woloszczak.
Spotcap has also announced it's raised an additional $35 million of funding from its existing investor network. This brings its total investment raising to $150 million since its September 2014 launch.