Finstar Financial Group acquires stake in FinTech company and becomes its major strategic partner
Spotcap raises nearly $50 million (31.5M Euro) in funding +++ Finstar Financial Group becomes new shareholder and strategic partner +++ Spotcap uses the funding to accelerate its global growth
Online lending platform Spotcap successfully closes its third financing round. The financial technology company raises nearly $50 million (31.5M Euro) in new funding led by international private equity firm, Finstar Financial Group. Spotcap intends to use the funds to grow its operations in Australia, Spain and The Netherlands and to expand its operations globally.
The partnership between Finstar and Spotcap strengthens both parties’ position in the global FinTech industry landscape and underlines the increasing importance of the alternative financing sector.
This is Spotcap’s third successful round of financing in 18 months. The financial technology company previously raised approximately $20 million (13M Euro) in funding from a group of investors, including Rocket Internet, Access Industries and Holtzbrinck Ventures as well as almost $8 million (5M Euro) in debt capital from Kreos Capital.
Nicholas Jordan, CEO of Finstar, commented: “Finstar is pleased to be working in partnership with multinational online MSME lender Spotcap. By acquiring a stake in Spotcap, we are strengthening our position in the digital financial services sector and increasing our reach to new territories. As its shareholder and major strategic partner, Finstar will intensify efforts to further develop Spotcap’s innovative online lending platform and facilitate its global expansion into high-yielding markets.”
Toby Triebel, CEO and Co-Founder of Spotcap, commented: “We are delighted with the endorsement and backing by Finstar. This long-term strategic partnership with a leading investor is a validation of Spotcap’s solid business model and our goal to become a leading global provider of online business loans. Finstar’s substantial expertise and valuable relationships in the FinTech industry will enable Spotcap to fast-track its growth.”
Lachlan Heussler, Managing Director of Spotcap Australia, commented: “This is 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. We’re delighted to have the support of Finstar as we continue to grow the Australian operations.” Spotcap leverages cutting-edge technology to meet the needs of small businesses more efficiently than traditional lenders. The company uses an innovative credit scoring technology that directly evaluates real-life business data to provide fast and flexible financing.
For further information, please visit: www.finstar.com, www.spotcap.com.au
Note to editor Amount calculated using mid-market rates on 2016-02-02 EUR 1 = AUD 1.54379
About Finstar Finstar Financial Group is an international private equity group. Founded in 1996, the Group has significant experience in launching start-up projects and in restructuring and expanding of companies in selected industries. Finstar operates in financial markets, the IT and telecoms field, perfumery-cosmetic retailing and also in commercial and trade real estate. The Group has under its management assets worth a total of more than $2 billion. Over the years Finstar has developed substantial operational experience which helps to implement a value-adding strategy, introducing high international standards of corporate governance, innovation, marketing and building competitive advantages, all of which are vital to create value in the long-term. Read more about Finstar:www.finstar.com
About Spotcap Spotcap enables small business owners to grow their business by providing fast and flexible financing. The financial technology company has developed a sophisticated and dynamic decision process, assessing the real-time performance of businesses to grant short-term credit lines and loans. CEO Toby Triebel and COO Dr. Jens Woloszczak lead the company. Spotcap was launched in September 2014 and is headquartered in Berlin, with local offices in Madrid, Amsterdam, and Sydney. Lachlan Heussler manages the Australian operation. The team – currently consisting of 70 credit and online experts – is expanding its operations geographically. Spotcap is backed by Rocket Internet – the world’s leading global internet platform outside of the US and China. Read more about Spotcap:www.spotcap.com.au
Originally published February 3 2016 , updated May 9 2017