Tuesday 31st January 2017
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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.
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