Online lender Spotcap announces a partnership with NZX-listed New Zealand bank, Heartland, with the bank providing 14 million euros of debt funding to the fast growing fintech.
At the same time, Spotcap has launched into its fifth market, New Zealand, further cementing the Asia-Pacific as one of the fastest growing regions for global fintech.
Spotcap provides online credit lines and business loans to small and medium-sized businesses (SMEs). 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.
“Collaboration is essential to the growth and development of the fintech industry and has been part of our strategy since we launched in 2014. We are happy to have entered a partnership with Heartland, it’s an important milestone for Spotcap,” said Jens Woloszczak, CEO and Founder of Spotcap.
Spotcap has issued more than 65 million euros in credit lines to SMEs around the world and has successfully raised 78 million euros in equity and debt funding.
CEO of Heartland Bank, Jeff Greenslade, is also optimistic about the announcement:
“Our partnership with Spotcap further highlights Heartland Bank’s commitment to fintech and digital banking, in line with both our own internal offerings as well as our investments in the sector. We are delighted to gain further exposure to online SME lending and look forward to working with Spotcap to grow its Australian operations,” said Greenslade.