Fintech start-up takes aim at ‘complex’ banks
The disruption of traditional banking has continued with the launch of an online credit platform that targets the small business sector.
Lachlan Heussler, managing director of Spotcap Australia, said Australia’s SMEs are the backbone of the nation’s economy, but have difficulty obtaining capital to grow.
“Banks have complex systems and infrastructure in place, [and] often it’s not profitable for them to lend to small businesses,” he said.
“Small businesses end up being financed by friends and family, personal credit cards or via drawing on mortgages. Spotcap is here to support these small businesses by providing a fast and flexible source of funding.”
Spotcap chief executive and co-founder Toby Triebel said the company’s goal is to offer lines of credit to all small businesses in markets where financing alternatives are needed.
“We aim to become the global leader for short-term online business loans,” he said.