Online credit platform Spotcap launches in Australia
Rocket Internet continues global fintech rollout with Aussie launch
SYDNEY, May 26, 2015 – Spotcap, the Rocket Internet backed online credit platform, launches in Australia today, providing funding solutions to SMEs across the country.
Australia’s two million SMEs employ almost 70% of the total Australian workforce. These businesses deliver over half of the output of the country’s private sector, and are often a major source of innovation. With its launch in Australia Spotcap enters a market with a strong demand for alternative financing solutions. Small business loan applications are rejected at roughly twice the rate of medium-sized businesses according to the Australian Bureau of Statistics. “Australia’s SMEs are the backbone of the nation’s economy, yet they still have difficulty obtaining capital to grow. Banks have complex systems and infrastructure in place, often it’s not profitable for them to lend to small businesses,” Lachlan Heussler, Managing Director, Spotcap Australia, said. “Small businesses end up being financed by friends and family, personal credit cards or via drawing on mortgages. Spotcap is here to support these small businesses by providing a fast and flexible source of funding,” Heussler continues. Spotcap provides online credit lines and business loans to micro, small and medium sized enterprises. The company leverages cutting-edge technology to meet the needs of small businesses more efficiently than traditional lenders. Spotcap uses an innovative credit scoring technology that directly evaluates real-life business data to provide fast and flexible financing. Spotcap credit lines range from $1,000 to $100,000. With today’s launch, Spotcap continues its global roll out plan and its year of expansion. The financial technology startup arrived in Spain in September 2014, and the Netherlands in March 2015. Toby Triebel, CEO and co-founder of Spotcap adds, “Our goal is to offer our credit lines to all small businesses in promising markets where financing alternatives are needed. We aim to become the global leader for short-term online business loans.”