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.

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

MARKET CLOSE: NZ shares mixed ahead of Anzac Day holiday; A2, Synlait fall further, Fisher & Paykel bounces
USX: Introducing Pharmazen Limited
NZ dollar falls to 3 1/2 month low as rising US interest rates bring trading back to fundamentals
Gold Report 23rd April 2018
Gold Report 16th April 2018
Gold Report 9th April 2018
Gold Report 3rd April 2018
Gold Report 26th March 2018
Gold Report 19th March 2018
Gold Report 12th March 2018

IRG See IRG research reports