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

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 banking industry has agreed on a common approach to COVID-19 loan repayment deferrals, stating that these will not impact a borrower...

The ratings agency is forecasting a material rise in defaults off the back of the economic shock from the coronavirus outbreak. ...

With lower interest rates off the table, the Reserve Bank has been urged to ramp up its quantitative easing strategy. ...

FROM THE WEB
podcast

LATEST PODCAST: Managing the influx of COVID-19-related loans

Do you expect COVID-19 to reduce or increase your business flows?

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Mortgage Business.

Read more

Website Notifications

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