With this funding and partnership, Spotcap is launching its SME loan platform in New Zealand, its fifth market to date.
“Both parties plan to strengthen this partnership, and as it becomes more established in time, the partnership may evolve into knowledge-sharing and joint product offerings for small and medium-sized businesses,” said Spotcap CEO Jens Woloszczak (pictured).
The partnership is a continuation of “Heartland Bank’s commitment to fintech and digital banking,” according to CEO Jeff Greenslade.
Spotcap’s platform issues short term business loans to SMEs that may otherwise struggle to secure loans through traditional channels. Thus far it has issued €65 million in credit lines to SMEs.
“The investment will be used to grow our Australian loan book, enabling us to accelerate our growth plans, while simultaneously launching our business in New Zealand,” said Woloszczak.
“Our aim is to be a trusted financing partner to small and medium-sized businesses. Although expanding globally is a key aspect of our strategy, having launched in the UK and New Zealand in the past three months, we want to focus on growing our existing operations and improving our products and services.”
Spotcap launched in the UK late last year and is also operating in Spain, The Netherlands, and Australia.