“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".”
“European-based online lender Spotcap is launching in New Zealand, promising to shake up the small business lending market. The company has also partnered with NZX-listed bank Heartland, which will provide Spotcap Australia with a $A20 million funding facility.”
“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.”
“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.
“Heartland’s investment in Spotcap demonstrates the bank’s commitment to supporting innovative fintech solutions. For Spotcap, the partnership enables its Australian operations to accelerate their growth plans whilst the company executes its entry into the New Zealand market.”
“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”
“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.”
“Spotcap says it'll offer NZ borrowers risk-based pricing meaning the rate each business pays is determined by the credit scoring process Spotcap applies to them.”
“Lachlan Heussler, managing director of Spotcap Australia and New Zealand, said the company aimed to enable SMEs to “embrace growth opportunities by offering our credit lines and loans to small businesses in markets that require access to alternative funding solutions”.”
“The Australian division of European-based online lender Spotcap has today announced a partnership with New Zealand’s listed Heartland Bank, which is providing the fintech with a A$20 million funding facility to help grow Spotcap across Australia and expand into New Zealand.”
“European-based online lender Spotcap is today launching its New Zealand operations in Auckland, further cementing New Zealand as one of the fastest growing fintech markets in the Asia Pacific region.”