Spotcap, a Germany-based online lender for small and medium-sized enterprises (SMEs), has expanded into the UK market.

The UK business will operate with a credit license from the Financial Conduct Authority, and will be headed by Niels Turfboer.

Spotcap CEO and founder Jens Woloszczak said: “Our goal is to enable SMEs to embrace growth opportunities. We do this by offering our credit lines to small businesses in markets that need alternative funding solutions.

“We already operate in Spain, Australia and the Netherlands. The expansion into the UK is an important milestone for us that reinforces our commitment to the wider SME community.”  

Spotcap offers credit lines and business loans of up to £150,000 to SMEs through an online application process. The company launched in Madrid in September 2014 and expanded to the Netherlands and Australia the following year.

The company, which has issued more than £45m in credit lines, is backed by investors including Rocket Internet, Finstar Financial Group, Access Industries, Holtzbrinck Ventures and Kreos Capital.        

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By GlobalData