Powered by MOMENTUM MEDIA
subscribe to our newsletter
Spotcap raises almost $50m in funding

Spotcap raises almost $50m in funding

Fintech lender Spotcap has announced that it has completed a major capital raising with the help of a new shareholder and strategic partner.

The online lending platform successfully closed its latest financing round with nearly $50 million in new funding by international private equity firm Finstar Financial Group, which it said will be used to grow its global operations beyond Australia, Spain and The Netherlands.

The latest capital raising is Spotcap’s third round in 18 months, having already raised approximately $20 million in funding from a group of investors including Rocket Internet, Access Industries and Holtzbrinck Ventures, as well as almost $8 million in debt capital from Kreos Capital.

Advertisement
Advertisement

Spotcap co-founder and CEO Tony Triebel said the new partnership with Finstar is validation of the group’s solid business model and its goal to become a leading global provider of online business loans.

“Finstar’s substantial expertise and valuable relationships in the fintech industry will enable Spotcap to fast-track its growth,” he said.

Lachlan Heussler, managing director of Spotcap Australia, described the latest round of funding as “fantastic news” for Australian businesses and a significant investment in the Australian fintech industry.

“We’re delighted to have the support of Finstar as we continue to grow the Australian operations,” he said.

Finstar CEO Nicholas Jordan said that by acquiring a stake in Spotcap, the firm is strengthening its position in the digital financial services sector and increasing its reach into new territories.

“As its shareholder and major strategic partner, Finstar will intensify efforts to further develop Spotcap’s innovative online lending platform and facilitate its global expansion into high-yielding markets,” he said.

[Related: Spotcap makes credit more accessible for SMEs]

Spotcap raises almost $50m in funding
mortgagebusiness

 

Latest News

The federal opposition has released its response to the final report of the banking royal commission, agreeing to 75 of the 76 recommendatio...

A class action suit has been filed against the major bank for allegedly approving home loans outside serviceability. ...

In its update on the implementation of Commissioner Hayne’s recommendations, the corporate regulator has hinted that it is investigating...

FROM THE WEB

POST RC PANEL DISCUSSION ADDED

podcast

LATEST PODCAST: The current mindset of the mortgage industry

Is enough being done to ensure responsible lending?