Businesses can now submit published records including profit-and-loss statements, balance sheets and business activity statements direct from Intuit QuickBooks Online, Xero, MYOB, Saasu, Reckon or Sage when applying for a line of credit with Spotcap.
“In the past, to apply for a line of credit or business loan, SMEs needed to manually compile financial data, but our automatic integrations will take care of that,” Lachlan Heussler, managing director of Spotcap Australia, said.
“We’re making finance more accessible for SMEs.”
In response to market demand, Spotcap has also increased its maximum loan amount from $100,000 to $250,000 and will offer more flexible, longer-term loans of up to 12 months.
“We have been surprised by the early demand for our online lending products and are lucky to be nimble enough to respond quickly,” Mr Heussler said.
“To be able to offer a product extension and the release of these integrations within the first few months of our launch in Australia is a testament to the team of technology and credit specialists we have managed to build at Spotcap.”
More than 1,000 Australian SMEs have signed up to Spotcap since it launched in May this year, requesting more than $15 million worth of finance from the online lender.
[Related: P2P funder achieves rapid growth]