A pioneering fintech firm which provides flexible funding options for small and medium-sized enterprises (SMEs) is launching in the UK.
Spotcap offers SMEs credit lines and loans based on their real-time performance – a break from the rigid credit scoring mechanisms used by the high street banks – by using a unique, proprietary credit algorithm which reveals the current financial health of the business.
Jens Woloszczak, CEO of the online lender said: “Our goal is to enable SMEs to embrace growth opportunities. We do this by offering our credit lines to SMEs in markets that need alternative funding solutions. We already operate in Spain, Australia and the Netherlands. The expansion into the UK is an important milestone for us that reinforces our commitment to the wider SME community.”
Launched two years ago, Spotcap has quickly established itself as a welcome alternative to traditional lenders who too often stifle innovation at its inception by rejecting applications from SMEs. The Berlin-headquartered financial technology company has already backed 5,000 applications in Spain, The Netherlands and Australia, the first three markets it moved into.
With 20 years of experience in European banking and business finance, Niels Turfboer will head up Spotcap’s UK operations.
He said: “Spotcap understands Britain is ‘open for business.’ We believe that the underlying economic dynamics of the UK economy are unchanged and that SMEs will need capital to make the most of opportunities in turbulent, post-Brexit times. We look forward to working with them to maintain Britain’s strong entrepreneurial and creative prowess,” adds Woloszczak.