Spotcap, the Rocket Internet backed online credit platform, launches in Australia today, providing funding solutions to SMEs across the country.
Spotcap is now present in three countries and Rocket Internet’s first financial technology company launching in Australia.
With its launch in Australia Spotcap continues its global rollout and enters a market with a strong demand for alternative financing solutions.
Australia’s two million SMEs employ almost 70% of the total Australian workforce and deliver over half of the output of the country's private sector. However, they still have difficulty obtaining capital to grow. Small business loan applications are rejected at roughly twice the rate of medium-sized businesses according to the Australian Bureau of Statistics.
Toby Triebel, co-founder and CEO of Spotcap adds, “Australia’s small businesses are the backbone of the nation’s economy, yet they face tremendous challenges in accessing capital. Our goal is to fill this gap in the market by providing online business loans to these enterprises that are underserved by traditional banks. Spotcap’s rapid expansion reflects the high demand for fast and flexible financing solutions and the significant growth potential for the alternative lending landscape.”
Banks have complex infrastructure and systems in place, often it’s not profitable for them to lend to small businesses. Spotcap leverages cutting-edge technology to meet the needs of small businesses more efficiently than traditional lenders. The company uses an innovative credit scoring technology that directly evaluates real-life business data to provide fast and flexible financing.
With today's launch, Spotcap continues its global roll out plan and its year of expansion. The financial technology startup arrived in Spain in September 2014, and the Netherlands in March 2015. The company aims to become the leading global online platform for short-term business loans.