Spotcap, a provider of online credit and business loans to SMEs, and one of Finstar’s European investments, marked its third year of operations by announcing it has issued over EUR 120 million issued in credit lines since its foundation in 2014. In that time, Spotcap, headquartered in Germany, has received EUR 100 million in investment, including EUR 56 million since Finstar, founded by a businessman and fintech entrepreneur Oleg Boyko, invested in February 2016.
Jens Woloszczak, Spotcap Founder and CEO said, “We’ve experienced significant growth over the past three years, which is a testament to the fundamental need SMEs have for flexible and accessible financing.” The company has established a distribution network of more than 10,000 intermediaries, including financial advisors, accountants and finance brokers. “With close to 60% 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,” added Woloszczak.
In the next 12 months, Spotcap plans to continue working with its intermediary partner network to increase its global market share. The business will also focus on strengthening and building strategic partnerships. Spotcap provides flexible and accessible small business loans, allowing entrepreneurs to focus on what matters – their business. The company developed its proprietary credit risk algorithm in-house and lends from its own balance sheet. Headquartered in Berlin, Spotcap launched in Spain in September 2014, before expanding to the Netherlands and Australia in 2015, the UK in 2016, and New Zealand in 2017. Spotcap is backed by a number of world-class investors, including Rocket Internet, Finstar Financial Group, Access Industries, Holtzbrinck Ventures, Kreos Capital, and most recently, Heartland Bank.