Online credit platform Spotcap raises €5 million in funding
Spotcap secured €5 million in funding from Kreos Capital, it announced in March. Spotcap plans to use the debt capital to finance the online business lending activities in Spain and the Netherlands and expand its operations globally.
Mårten Vading, General Partner at Kreos Capital, said: “Spotcap is at the forefront of the rapidly changing alternative business lending landscape. The investment reflects our confidence in Spotcap’s management team and investors, its big data technology approach, and its significant growth potential. We are excited to support the company’s success.”
Spotcap’s growth reflects the high demand by small businesses for alternative financing solutions. After its recent launch in Spain, Spotcap expanded to the Dutch market. The fintech company plans to expand to at least three additional markets during 2015.
“We are delighted with the endorsement and backing by Kreos Capital. This support affirms that Spotcap has an attractive business model and that we are making very good progress in achieving our ambitious goals. The funding will help us accelerate our expansion as the global leader for short-term online business loans and finance our lending activities,” said Toby Triebel, Co-Founder and CEO of Spotcap.
This is Spotcap’s second round of financing and its first debt facility. The financial technology startup raised €13 million in funding by a group of investors, including Rocket Internet, Access Industries and Holtzbrinck Ventures, in October 2014. With the latest funds, Spotcap has solid financial backing to fast-track its growth and to finance its lending activities with outside capital. Spotcap is successively moving to debt as a source of capital to fund its loan book.