SME lender launches in the UK

Fintech lender Spotcap has announced that it will be expanding into the UK market as it looks to provide funding to SMEs.

The online lender, which launched two years ago, provides credit lines and business loans to SMEs using a unique, proprietary credit algorithm which gives a deep insight into the financial condition of a business.

Spotcap has issued more that £40m in credit lines to SMEs in the past two years and already operates in Spain, the Netherlands and Australia.

Jens Woloszczak, CEO and founder of Spotcap, said its goal was to enable SMEs to embrace growth opportunities. 

“We do this by offering our credit lines to SMEs in markets that need alternative funding solutions. 

“The expansion into the UK is an important milestone for us that reinforces our commitment to the wider SME community.”

Spotcap is looking to target the large number of SMEs that despite a combined annual turnover of £1.8 trillion for the sector, still face difficulties in gaining finance.

Niels Turfboer will head up Spotcap’s UK operation and feels that despite the economic uncertainty of Brexit, the UK remained a robust market.

“Spotcap understands Britain is ‘open for business’. 

“We believe that the underlying economic dynamics of the UK economy are unchanged and that SMEs will need capital to make the most of opportunities in turbulent, post-Brexit times. 

“We look forward to working with them to maintain Britain’s strong entrepreneurial and creative prowess.”

Niels concluded by adding: “There is no financial district in Europe to rival London, and Brexit will not change that. 

“We know British SMEs are resilient and opportunistic which is why there is significant scope for Spotcap in the UK.”

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