Online Lender Spotcap Launches in the UK

FinTech company to finance growth opportunities for SMEs following Brexit vote

Under embargo until 6am Thursday 3 November 2016, London

LONDON, UK, November 3, 2016 — Two years after its launch, online lender Spotcap is expanding into the UK market, providing flexible and accessible funding solutions to small and medium-sized enterprises (SMEs).

Spotcap provides SMEs with credit lines and business loans of up to £150,000 through an online application process. While traditional lenders make credit decisions based on historical financials and old-fashioned credit scoring, Spotcap uses a unique, proprietary credit algorithm, which provides deep insight into the financial condition of a business, enabling quick, sound decisions.

“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,” explains Jens Woloszczak, CEO and founder of Spotcap.

There are 5.4 million private sector businesses in the UK. More than 99 percent of these are SMEs. Despite a combined annual turnover of £1.8 trillion these businesses often face difficulties obtaining financing. As many as half of loan applications made by SMEs with fewer than 50 employees are rejected by traditional lenders, creating a strong demand for alternative financing in the UK1.

Niels Turfboer will lead Spotcap’s UK operations. He has nearly 20 years of experience in European banking and business finance. Turfboer believes that despite economic uncertainty post-Brexit the UK remains a robust market.
“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 raised £56 million in equity and debt funding and issued more than £45 million in credit lines. It is operating in the UK with a credit license from the Financial Conduct Authority (FCA).

For further information, please visit: www.spotcap.co.uk

About Spotcap

Spotcap enables small business owners to grow their business by providing flexible and accessible financing. The financial technology company has developed a sophisticated and dynamic decision process assessing the real-time performance of businesses to grant short-term credit lines and loans. Spotcap launched in Madrid in September 2014 and expanded to the Netherlands and Australia in 2015. The company is led by CEO and founder Jens Woloszczak and Niels Turfboer, Managing Director of Benelux and the UK. The growing team currently consists of more than 90 employees. Spotcap is backed by investors including Rocket Internet, the world’s leading global internet platform outside of the US and China, Finstar Financial Group, Access Industries, Holtzbrinck Ventures and Kreos Capital.

Read more about Spotcap: www.spotcap.co.uk

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For further information or to arrange an interview, contact:

Helena Zarchan
Senior PR and Communications Manager
Ph: +44 (0)7850 452021
Email: helena.zarchan@spotcap.co.uk

1Howarth Roth, ‘Lending to SMEs grows for the first time since the recession’, March 2016, http://www.howardroth.co.uk/lending-to-smes-grows-for-the-first-time-since-the-recession/

Business growth awaits

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