"Spotcap, the Rocket Internet-founded fintech startup that operates an online lending platform for small businesses, has beefed up its coffers with €31.5 million in new funding."
"Spotcap, an online lending platform for small businesses, said the number of applicants from Britain had doubled to around 20 percent since the Brexit vote, with many coming from the finance sector."
"Spotcap focuses on small- and mid-sized enterprises. Those businesses often have limited access to credit as they pose more risk to banks and don’t have the track record to prove their ability to repay the funds."
“The partnership between Finstar and Spotcap strengthens both parties’ position in the global FinTech industry landscape and underlines the increasing importance of the alternative financing sector.”
“Spotcap says its service cuts out the need for paperwork and process, which makes it able to provide an offer to a customer within just five minutes of receiving their application online.”
“We saw a massive funding need for small businesses” in Spain, Toby Triebel, one of the company’s founders, said in an interview. “Banks are reluctant to lend to businesses in any case given the massive economic pressure.”
"Spotcap, a Germany-based online lending platform for small businesses, has raised €31.5 million in new VC funding. Finstar Financial Group led the round, and was joined by return backer Holtzbrinck Ventures. Existing shareholders include Rocket Internet."
"Spotcap leverages cutting-edge technology to meet the needs of small businesses more efficiently than traditional lenders. The company uses an innovative credit scoring technology that directly evaluates real-life business data to provide fast and flexible financing."
“Spain has embraced entrepreneurship with open arms and shown that it has the potential to become an SME powerhouse. It is where Rocket Internet-backed online credit platform Spotcap was recently launched, in Madrid, servicing startups all over Europe, and where entrepreneurs are currently generating most of Spain’s new jobs.”
"Spotcap uses a unique, proprietary credit algorithm, which provides deep insight into the financial condition of a business, enabling quick, sound decisions."
“Spotcap is currently available in three other countries – Spain, The Netherlands, and Australia – and has issued more than €50 million in credit lines since launching two years ago. (...).”
“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 has raised £56 million in equity and debt funding and issued more than £45 million in credit lines.”
“Spotcap, a pioneering Fintech firm which provides flexible funding options for small and medium-sized enterprises (SMEs) is launching in the UK.”
“The sophisticated technology has led to a rapid expansion, both geographically and internally, with the lender now consisting of over 90 employees and having raised more than $90 million in equity and debt funding.”
“Spotcap offers working capital lines of credit of up to £250,000 to small and medium-sized businesses online.”
“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.”
“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).”