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.
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.