After closing a successful funding round, the global lender is looking to expand its Australian operations.
3 February 2016: Global lender Spotcap, which offers online loans to small- and medium-sized businesses, will be using a sizeable proportion of its recent $50 million funding round to grow its Australian presence.
Having established operations in Sydney in May 2015 with a staff of 10, this will be the company's third funding round, led by international private equity giant Finstar. The total funding raised is more than $80 million.
This new round of funds will be used to grow existing operations and improve the company's product.
Managing director of Spotcap Australia Lachlan Heussler says that Australian fintech is developing rapidly. "It's fantastic news for the Australian business and is also a significant investment in Australian fintech. The industry is on the verge of something great and continued investment is needed in order to reach its full potential."
Spotcap has had a heavy focus on technology since its inception in Australia. As an online lender, it is fully integrated with all six of Australia's accounting software solutions, which makes the application process for businesses easier. In November 2015 it increased its maximum loan amount to $250,000 in response to market demand.
With the disruption of traditional banking moving forward at a faster pace, the investment shown by lenders such as Spotcap in innovative technology shows a way forward for Australian fintech.