Spotcap, an online lender based in Germany, has announced that it has issued over €120 million in credit lines to small and medium-sized enterprises (SMEs).
Spotcap also shares it has raised an additional €22 million of equity and debt funding from its existing investor network. In total, Spotcap has received €100 million of investment since its launch in September 2014. The company now claims to be one of the best funded Fintechs in all of Germany.
Jens Woloszczak, Spotcap Founder and CEO, said they have experienced significant growth during the past three years. Their growth is testiment to the intrinsic demand for SMEs to have access to accessible financing. Spotcap has now established a distribution network of more than 10,000 intermediaries including financial advisors, accountants and finance brokers.
“With close to 60 percent of our current loan book being attributed to our global partner network, it’s fair to say our partners have had a significant hand in our success,” said Woloszczak.
Spotcap says that in the next year they will continue to work with its intermediary partner network to increase its global market share. The business will also focus on strengthening and building strategic partnerships.
Spotcap announced earlier this year a partnership with Heartland, New Zealand’s only NZX-listed bank. The partnership began with the bank investing €14 million (A$20M) of debt in the business and has evolved into a more dynamic strategic relationship.
“Our partnership with Heartland was an important milestone for Spotcap, and one that we’re
very proud of,” adds Woloszczak. “We’re now exploring new ways, including white-labelling, to provide our technological expertise to established players and to work with them to explore new markets and underserved SME communities.”
Spotcap’s team has now grown to 120. The company currently operates in Spain, the Netherlands, the United Kingdom, Australia and New Zealand.