On Thursday, European online lender Spotcap announced it is ready to expand into the UK market and will be opening its new London office by the end of the year.
Incubated by German investment company Rocket Internet, Spotcap was founded in 2014 and currently offers SMEs credit lines along with business loans of up to £150,000. The lender reportedly uses a proprietary credit algorithm that provides deep insights into the financial condition of a business. Jens Woloszczak, CEO and founder of Spotcap, stated:
“Our goal is to enable SMEs to embrace growth opportunities. We do this by offering our credit lines to small businesses in markets that need alternative funding solutions. We already operate in Spain, Australia, and the Netherlands. The expansion into the UK is an important milestone for us that reinforces our commitment to the wider SME community.”
Managing director, Niels Turfboer, who has nearly 20 years of European banking and business finance, is set to lead Spotcap’s operations in the UK. He shared:
“Spotcap understands Britain is ‘open for business.’ The underlying dynamics of the economy are unchanged and capital will be needed to make the most of opportunities in turbulent times. We look forward to working with the UK SME community and playing a part in providing the financial infrastructure needed to maintain Britain’s strong entrepreneurial and creative prowess.”
Spotcap has reportedly raised £56 million in equity and debt funding. It also issued over £45 million in credit lines. It is operating in the UK with a credit license from the Financial Conduct Authority (FCA). Spotcap currently operates in Spain, the Netherlands, and Australia. During a recent interview with Business Insider, Turfboer added:
“The potential is huge [in the UK]. I would say for the next several years we would like to serve several 1,000 SMEs and anywhere between £50 million and £100 million of loans.”