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

There’s a “very real chance” that the Reserve Bank will lower the cash rate three months in a row, according to ANZ Research. ...

Technology company Lakeba Group has appointed financial services specialist Roy McKelvie as a non-executive director, as the company prepare...

The corporate regulator has released a report outlining its decisions on relief applications from firms operating under the Corporations Act...

FROM THE WEB
podcast

LATEST PODCAST: Broker share and Westpac U-turn

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

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