Rocket Internet backed online credit platform Spotcap has launched in Australia today, offering a new avenue for funding solutions for SMEs.
With its launch in Australia, Spotcap enters a market with a strong demand for alternative financing solutions. Small business loan applications are rejected at roughly twice the rate of medium-sized businesses according to the Australian Bureau of Statistics.
Spotcap provides online credit lines and business loans to micro, small and medium sized enterprises. The company leverages cutting-edge technology to meet the needs of small businesses more efficiently than traditional lenders.
“Australia’s SMEs are the backbone of the nation’s economy, yet they still have difficulty obtaining capital to grow,” Spotcap Australia Managing Director Lachlan Heussler said. “Banks have complex systems and infrastructure in place, often it’s not profitable for them to lend to small businesses.
“Small businesses end up being financed by friends and family, personal credit cards or via drawing on mortgages. Spotcap is here to support these small businesses by providing a fast and flexible source of funding,”
Spotcap employs a credit scoring technology that directly evaluates real-life business data to provide fast and flexible financing, with credit lines ranging from $1,000 to $100,000. Rocket Internet is a German e-commerce investor that completed an IPO late last year.
Toby Triebel, CEO and co-founder of Spotcap adds, “Our goal is to offer our credit lines to all small businesses in promising markets where financing alternatives are needed. We aim to become the global leader for short-term online business loans.”
Like My Business on Facebook now to get involved in the SME community discussion.
Follow @mybusinessau on Twitter for breaking stories throughout the day.
Subscribe to the print version of My Business now.