Fintech lender Spotcap loaned $11 million in its first year
Micro, small and medium-sized businesses continue to benefit from growing fintech companies in Australia.
The Australian fintech market continues to grow and consumers are increasingly embracing new ways to borrow and bank, as shown by the latest announcement from online lender Spotcap.
In its first year of operation the business lender, which specialises in providing credit lines to micro, small and medium-sized Australian businesses, has issued more than $11 million worth of loans.
The lender has shown an average monthly growth rate of 30% and grown from a team of one to ten to meet the increasing demand for alternative finance. It also follows a successful funding round in February.
Managing director of Spotcap Australia Lachlan Heussler said the business has gone from strength to strength since launching a year ago.
"We're looking ahead and expect the momentum to continue as we enter our second year of operations," he said.
The company is operating in an increasingly competitive online business lending market, with more companies establishing themselves in recent years to meet the growing demand for alternative finance.
Spotcap is aiming to triple the amount of credit it issues to small businesses as it continues to expand into new industries and markets within the Asia Pacific region. Its current headquarters are in Berlin with local offices in Madrid, Amsterdam and Sydney. The company leverages big data to provide loans to businesses that may be otherwise ineligible with mainstream banks and lenders.
Businesses that apply with Spotcap are likely to be more than five years old (58%) and looking for $25,000 or more to grow their operations.