What is Fintech?

Fintech is an abbreviation of the words ‘financial technology’ and is a term used to describe the digitalisation of financial services.

What is Fintech?

Fintech is an abbreviation of the words ‘financial technology’ and is a term used to describe the digitalisation of financial services. The emergence of fintech was accelerated by developments in technology and a lack of confidence in the banks uncertainty in the economy.

Where previously the banks were responsible for all the financial needs of customers, there are now fintech companies that focus on niches and strive to implement services that are more efficient and effective than traditional financial services. Examples of financial niches under fintech include alternative financing, cyber security, payments, asset management, cryptocurrencies and e-commerce.

There is also strong investment interest in the fintech industry. This was made evident by the amount of investments made between 2010-2015 showing a total of $50 billion was invested in fintech, with investments quadrupling from $3 billion in 2013 to $12 billion in 2014.

What is Fintech?

Fintech is an abbreviation of the words ‘financial technology’ and is a term used to describe the digitalisation of financial services. The emergence of fintech was accelerated by developments in technology and a lack of confidence in the banks uncertainty in the economy.

Where previously the banks were responsible for all the financial needs of customers, there are now fintech companies that focus on niches and strive to implement services that are more efficient and effective than traditional financial services. Examples of financial niches under fintech include alternative financing, cyber security, payments, asset management, cryptocurrencies and e-commerce.

There is also strong investment interest in the fintech industry. This was made evident by the amount of investments made between 2010-2015 showing a total of $50 billion was invested in fintech, with investments quadrupling from $3 billion in 2013 to $12 billion in 2014.

The fintech industry in Australia

The fintech industry in Australia is growing rapidly as more and more companies integrate technology into their business. Not only financial services are incorporating tech into their business, but industries such as insurance, healthcare, banking and data analysts have all benefited from integrating innovation technology.

In Australia, we are quickly developing into one of the leading small business lenders in a competitive and arising market. Spotcap holds a strong position in fintech and has developed a strong credit analysis model that makes it possible for SMEs to receive the best loan available to their business. The model allows our underwriters to quickly and efficiently analyse your application as accurately as possible.

Why Financial Technology is the future?

An alternative option

Fintech companies position themselves as an alternative option to traditional financial services. Customers today are looking towards alternative lenders for faster, cheaper options that suit their businesses needs.

Advanced technology solutions

Fintech companies offer a solution by offering customers with advanced technology systems that are fast, user-friendly and often result in a better result. These companies often work with a flexible structure allowing them to react quickly to customer demands and respond to new market developments.

Why Spotcap is different as a fintech lender?

  • Different focus

    Spotcap, as an Australian Fintech company, looks differently at ways of assessing the creditworthiness of a company with less of a focus on historical data, but more on current business performance.

  • Different analysis approach

    Spotcap’s analysis involves looking at your transaction history for the last 24 months. This allows us to see how your business is performing currently, then we base your creditworthiness off this

  • Different believes

    Spotcap has a data-driven business model and will not ask for your business plan or forecast to determine your business’s eligibility. This allows you to go through our application process without unnecessary meetings or documentation and allows you to complete the entire application process online

What can Spotcap do for your business?

Spotcap offers loans for growing Australian businesses of up to $250,000. Your business can benefit of from:

Unsecured loans, without collatoral

Free non-committal application

Decision within one working day

No fees for repaying early

Got a question about Fintech, Contact Us

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