Berlin-based online lender Spotcap starts operations in New Zealand
Spotcap, an online lending company headquartered in Berlin, Germany, has announced it is now operating in Auckland, New Zealand, as a registered financial services provider and is accepting applications for credit of up to NZD 250,000 ($182,000) from eligible businesses.
The firm says it uses a sophisticated algorithm that evaluates businesses based on its financial conditions instead of its historical trends and records. This helps Spotcap make quick decisions, typically within 24 hours, it says.
Founded in 2014, the business first set up shop in Spain, then rolled out offerings to businesses in Australia and the Netherlands, and launched in the UK a few months after the country decided to leave the EU. Spotcap is expanding fast, and New Zealand is the fifth market that the company has entered, in just over two years.
New locations aside, 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,” states Jeff Greenslade, CEO of Heartland Bank.
By Soumik Roy, editorial contributor to Banking Technology