Sharechat Logo

Spotcap to enter NZ market offering unsecured loans to SMEs

Tuesday 31st January 2017

Text too small?

Spotcap, a Berlin-based lender to small and medium-sized businesses, is to enter the New Zealand market offering unsecured credit lines and business loans of up to $250,000.

At the same time, Heartland Bank announced a funding facility for Spotcap Australia that it says will help grow its presence across the Tasman.

Spotcap, which operates in Australia, the UK, and mainland Europe, was founded in 2014 by chief executive Jens Woloszczak. It can provide unsecured loans to qualifying firms "on the basis of a quick yet rigorous credit assessment of a firm’s financial condition, using a combination of a unique proprietary credit algorithm and expert underwriters," according to its website.

Heartland raised $20 million last month to support its digital strategy and maintain its capital ratio. Today, chief executive Jeff Greenslade said the partnership with Spotcap "provides Heartland with the opportunity to gain exposure to online SME lending in Australia and support an innovative fintech solution that aligns with some of Heartland’s key strategic priorities including expanding its digital strategy and growing its presence in Australia".

"We are delighted to gain further exposure to online SME lending and look forward to working with Spotcap to grow its Australian operations,” he said.

Heartland shares last traded at $1.56 and have gained 27 percent in the past 12 months, outpacing the S&P/NZX 50 Index's 15 percent gain.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ First urged to block exploration ban
Net migration falls as growing number of migrants pack their bags
Ebos tightens grip on Australian chain
October 19th Morning Report
NZ dollar falls vs yen; investors seek haven in heightened volatility
English upbeat about NZ economy, points to headwinds
MARKET CLOSE: NZ shares mixed; Restaurant Brands soars on takeover talk
Legislate capital gains tax before election or risk 'mischief', Cullen says
NZ dollar falls vs Aussie on lower jobless rate across the Tasman
Imported coal needed to keep the lights on in NZ

IRG See IRG research reports