Germany-based online lender Spotcap has netted €22m in funding from its existing investors.
The company offers flexible, and accessible loans for SMEs to help them grow their businesses. The platform uses a credit risk algorithm and lends from its own funds. The platform is currently used in the UK, Australia, the Netherlands, New Zealand and Spain, with a distribution network of more than 10,000 intermediaries.
Over the next year the company plans to continue to work alongside its intermediary partners to expand the company’s global presence. Spotcap is also looking to strengthen and build its strategic partnerships.
The company has also announced that it has issued more than €120m in credit lines to SMEs.
Earlier in the year the company closed a partnership with New Zealand-based Heartland Bank, which also supplied the company with €14m in debt.
Spotcap founder and CEO Jens Woloszczak said, “Our partnership with Heartland was an important milestone for Spotcap, and one that we’re very proud of. We’re now exploring new ways, including white-labelling, to provide our technological expertise to established players and to work with them to explore new markets and underserved SME communities.”
The new line of equity brings total funding to around €100m, with the company having raised a €14m Series C early last year.
While the UK has seen a larger pool of funding than Germany, the countries strongest sector for investments is marketplace lending, having pulled in $211m over 2016 and Q1 2017.
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