"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"."
“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.”
“Lachlan Heussler, Managing Director, Spotcap Australia has questions about the government’s innovation statement. He says, “In order to maintain Australia’s position as a leader in the Asian market, policy needs to address the regulatory environment and take steps to create an entrepreneurial culture similar to that of the US and UK.”
“We will use the funds to invest in three key pillars of the Australian business – our customers, our staff and our technology. In the coming months we intend to expand the local team, grow our customer base and further improve our product and user experience,” said Lachlan Heussler, Managing Director of Spotcap Australia.”
“Online lending platforms such as Spotcap have developed unique credit algorithms which leverage real-time business data to provide unsecured lines of credit in a fast and flexible way. In many cases the application process can be completed entirely online and funds can be in your account within 24 hours of the application being approved.”
“Fintech lenders have fast, efficient and easy-to-use processes and platforms. For example, a credit application with Spotcap can be completed in as little as five minutes and financial data can be pulled directly from an accounting software application. Once complete, lines of credit are approved and made available within 24 hours. It’s as easy as that.”
“Spain has embraced entrepreneurship with open arms and shown that it has the potential to become an SME powerhouse. It is where Rocket Internet-backed online credit platform Spotcap was recently launched, in Madrid, servicing startups all over Europe, and where entrepreneurs are currently generating most of Spain’s new jobs.”