“Online business lender Spotcap has secured $20 million in funding from Heartland Bank, which has told the New Zealand stock exchange one of its key strategic priorities is "growing its presence in Australia".”
“Both parties plan to strengthen this partnership, and as it becomes more established in time, the partnership may evolve into knowledge-sharing and joint product offerings for small and medium-sized businesses,” said Spotcap CEO Jens Woloszczak. The partnership is a continuation of “Heartland Bank’s commitment to fintech and digital banking,” according to CEO Jeff Greenslade.
“An online lender to small and medium-sized businesses has launched with support from Heartland Bank. Spotcap, based in Berlin, provided SMEs with unsecured loans between $10,000 and $250,000.It assessed prospective businesses through an algorithm it claimed provided "deep insight" into the financial condition of a business, with loans only taking five minutes to apply for.”
“Spotcap has also forged a partnership with Heartland Bank in Australia, which will provide Spotcap’s local operations with AUD 20 million ($15 million) in fresh funds. “Our partnership with Spotcap highlights Heartland Bank’s commitment to fintech and digital banking, in line with both our own internal offerings and our investments in the sector,”.”
“Spotcap provides flexible and accessible funding solutions to small and medium-sized enterprises (SMEs) with unsecured credit lines and business loans of up to $250,000. Rather than basing credit decisions on historical financials, Spotcap has developed a unique, proprietary credit algorithm which provides deep insight into the financial condition of a business, enabling quick, sound credit decisions.”
“Our partnership with Spotcap further highlights Heartland Bank’s commitment to fintech and digital banking, in line with both our own internal offerings as well as our investments in the sector. We are delighted to gain further exposure to online SME lending and look forward to working with Spotcap”