Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Spotcap makes credit more accessible for SMEs

Fintech lender Spotcap has announced it is now integrated with all six of Australia’s accounting software solutions, and has increased its maximum loan amount.

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.

Advertisement
Advertisement

“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]

Spotcap makes credit more accessible for SMEs
mortgagebusiness

 

Latest News

Record-low interest rates and trade tensions between the US and China are stifling consumer spending, Treasurer Josh Frydenberg has acknowle...

Residential construction activity is to remain subdued over the coming year, according to the RBA, placing upward pressure on home values...

The online SME loan comparison platform has announced that it has closed a $12.5-million series B equity funding, with Salesforce and ANZ su...

FROM THE WEB
podcast

LATEST PODCAST: Transparency around rate cuts

Do you think the mortgage market will see more consolidation this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.