Spotcap, a Germany-based online lender for small and medium-sized enterprises (SMEs), has launched operations in Auckland, New Zealand.
Spotcap termed the expansion as an “opportunity to contribute to the growing New Zealand fintech landscape”.
In addition, the online lender teamed up with New Zealand’s Heartland Bank. Under the arrangement, the bank will offer AUD20m in funding to Spotcap’s Australian business.
Heartland Bank CEO Jeff Greenslade said: “Our partnership with Spotcap highlights Heartland Bank’s commitment to fintech and digital banking, in line with both our own internal offerings and our investments in the sector.
"We are delighted to gain further exposure to online SME lending and look forward to working with Spotcap to grow its Australian operations.”
Spotcap provides credit lines and business loans of up to $250,000 to SMEs through an online application process. The company launched in Madrid in September 2014, and expanded to the Netherlands and Australia in 2015. Last year, it launched operations in the UK. The firm is backed by investors including Rocket Internet, Finstar Financial Group, Access Industries, Holtzbrinck Ventures and Kreos Capital.
Spotcap Australia and New Zealand managing director Lachlan Heussler said: “We are excited to have Heartland support our local operations through this investment, and coupled with the progression into the New Zealand market, it puts further focus on our region’s potential to become global leaders in the fintech space.”