Heartland, a New Zealand-based NZX-listed bank, provided the funds.
The company will use the proceeds to accelerate growth whilst it executes its entry into the New Zealand market.
Led in Australia and New Zealand by Lachlan Heussler, Managing Director, Spotcap provides funding solutions to small and medium-sized enterprises (SMEs) with unsecured credit lines and business loans of up to $250k. Rather than basing credit decisions on historical financials, the company has developed a proprietary credit algorithm which provides insight into the financial condition of a business, enabling quick credit decisions.
In Australia, the company grew its loan book by 450% from December 2015 to December 2016, has raised over NZ$115 million (equivalent) in equity and debt funding, and issued more than NZ$95 million (equivalent) in credit to SMEs around the world.
Led globally by CEO and founder Jens Woloszczak, Spotcap launched in Spain in September 2014 before expanding to the Netherlands and Australia in 2015, the UK in 2016, and New Zealand in 2017. The company is backed by Rocket Internet, Finstar Financial Group, Access Industries, Holtzbrinck Ventures, Kreos Capital and Heartland Bank.
First appeared at FinSMEs