SME lender Spotcap expands to the UK two years after launch
The global fintech company also passed a lending milestone.
Global fintech lender Spotcap has announced its launch in the UK following two years of successful global operations. The lender, which expanded to the Netherlands and Australia in 2015 following its 2014 launch in Madrid, provides short-term credit lines and loans to SMEs. It has also reached a lending milestone of $70 million issued in over 5,000 approved applications.
Spotcap said it will leverage experiences gained in Australia to replicate its success in the UK market.
"We see a lot of similarities between the UK and Australia," said Lachlan Heussler, managing director of Spotcap Australia. "Both markets have a sizeable SME community which is underserved by traditional lending providers. As such there is significant demand for alternative finance solutions in the UK, as there is here."
The announcement comes as the UK is still grappling with a post-Brexit reality, causing many commentators to suggest the market would no longer be a fintech heavyweight.
CEO and founder of Spotcap, Dr Jens Wolosczcak, said he was unperturbed by the talk.
"Despite some economic uncertainty post-Brexit, the UK remains a robust market. The expansion into the UK is an important milestone for us that reinforces our commitment to the wider SME community,” he said.
"Our goal is to enable SMEs to embrace growth opportunities. We do this by offering our credit lines to SMEs in markets which need alternative funding solutions."
Spotcap uses technology to process its loan decisions, relying on a "unique, proprietary credit algorithm" that provides insight into a business's financial condition. The sophisticated technology has led to a rapid expansion, both geographically and internally, with the lender now consisting of over 90 employees and having raised more than $90 million in equity and debt funding.
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