Fintech lender makes credit more accessible for SMEs
Spotcap to become the first online lender to integrate with all six of Australia’s accounting software solutions
SYDNEY, Monday November 23, 2015 – In a move set to bolster the business lending space and make credit more accessible for small business, Spotcap will now offer integrations with six accounting software solutions. Businesses can now submit published records including P&Ls, balance sheets and BAS statements direct from Intuit QuickBooks Online, Xero, MYOB, Saasu, Reckon or Sage when applying for a line of credit with Spotcap, the online credit provider.
Lachlan Heussler, Managing Director of Spotcap Australia says: “In the past to apply for a line of credit or business loan SMEs needed to manually compile financial data but our automatic integrations will take care of that. We’re making finance more accessible for SMEs.”
Spotcap uses an innovative credit scoring technology that directly evaluates real-life business data, including financials, to provide fast and flexible financing.
Spotcap launched here in May of this year and subsequently more than 1,000 Australian SMEs have signed up to the platform. In six short months, small businesses from every state and territory, which were classified by Spotcap’s algorithm as “promising”, have requested more than $15,000,000 of finance from Spotcap. Heussler says: “This shows significant demand for unsecured lines of credit and small business loans.” In response to increased market demand Spotcap will also increase its maximum loan amount from $100,000 to $250K and will offer more flexible, longer term loans of up to 12 months.
“We have been surprised by the early demand for our online lending products and are lucky to be nimble enough to respond quickly. To be able to offer a product extension and the release of these integrations within the first few months of our launch in Australia is a testament to the team of technology and credit specialists we have managed to build at Spotcap,” said Heussler.
Spotcap provides online credit lines and business loans to micro, small and medium sized businesses. The company leverages technology to meet the needs of small business more efficiently than traditional lenders. For more information visit, www.spotcap.com.au.