Fintech lender Spotcap loaned $11 million in its first year

Elizabeth Barry 26 May 2016

man-online-loan

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.

More great ideas from finder.com.au

Get a life insurance quote
Get a life insurance quote

Find out what it costs to protect yourself and your family

More info...
Refinancing home loans
Refinancing home loans

Choose from offers with rates as low as 3.39% p.a.

More info...
Google Pixel
Google Pixel

Compare plans for Google's flagship Android phone

More info...
Christmas ideas
Christmas ideas

Visit our Christmas homepage for gift ideas, markets, travel & deals

More info...

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question
feedback