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European SME lender lands in Sydney

An international online business lender offering rates under one per cent has moved into Sydney’s new fintech hub on Bridge Street.

Spotcap is currently headquartered in Berlin and in the last 12 months has raised raised €18 million (AUD$29 million) in equity and debt funding from a group of investors including Rocket Internet, Access Industries, Holtzbrinck Ventures and Kreos Capital.

The credit provider offers small to medium businesses short-term loans from $10,000 to $150,000 with interest rates starting from 0.5 per cent per month. The application process is completely paperless, with borrowers applying through the company’s website.

“Having our Sydney office based out of Stone & Chalk will allow us to interact with some of the most innovative new fintech businesses in Australia, as well as get increased access to various corporate partners who can help us to grow our Australian operations,” Spotcap Australia’s managing director Lachlan Heussler said.

“We believe Sydney will also act as a solid base for our Asia-Pacific growth ambitions.”

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Stone and Chalk opened its doors on Monday night with the NSW Minister for Industry, Resources and Energy Anthony Roberts in attendance.

Mr Roberts said the new fintech hub at 50 Bridge Street in Sydney’s CBD is a great example of the exciting collaborations that are developing out of the NSW Government’s Knowledge Hubs initiative.

The initiative aims to drive growth in key industries across the NSW economy including the financial services sector.

The hub is not-for-profit and comprises of 120 people in a 2,300-square-metre collaborative workspace, with plans to fill about 200 seats by the end of the year.

Former Barclays executive and Stone and Chalk chief executive Alex Scandurra said the fintech hub has been inspired by the talent and diversity of the start-ups that have applied and the potential to transform Australia’s multi-billion financial services sector.

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