Berlin-based online SME lending platform Spotcap is diversifying its business model, offering its technology to other companies, beginning with Austrian banking group Bawag.
Launched in September 2014, Spotcap provides direct loans to SMEs in the UK, Netherlands, Spain, Australia and New Zealand.
The firm is now pitching a 'lending-as-a-service' proposition, letting other companies tap into its proprietary credit scoring technology, which plugs into an applicant's accounting software and bank account and directly evaluates real-life business data to provide flexible financing to small businesses.
Austria's Bawag is the first company to sign on, using the Spotcap platform for a new fully automated same day lending service that will be offered to the bank's SME customers this quarter before being made available to other firms later in the year.
Jens Woloszczak, CEO, Spotcap, says: "Traditional players and fintechs need to think collaboration, not competition. By working together we can better serve SMEs and offer them solutions best suited to their needs."