Fintech lender Spotcap plans to triple its lending volumes over the next 12 months following substantial growth during its first year in the Australian market.
The lender, which offers loans of up to $250,000 to SMEs, has issued more than $11 million of credit lines in its first 12 months of operating, and recorded an average monthly growth rate of 30 per cent.
Spotcap has also expanded its local presence, having grown from one staff member to a team of 10.
“Since we launched we’ve gone from strength to strength and really hit our stride earlier this year,” Lachlan Heussler, managing director of Spotcap, said.
“We’re looking ahead and expect the momentum to continue as we enter our second year of operations.”
The lender is aiming to triple the amount of credit it issues to small businesses over the coming year, and recently raised almost $50 million in new funding with the help of international private equity firm Finstar Financial Group, which it said will be used to grow its global operations beyond Australia, Spain and The Netherlands.
Furthermore, Spotcap announced late last year that it is integrated with all six of Australia’s accounting software solutions, allowing SMEs to submit published records such as 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.
[Related: Assetline expands SME offering]