Small and medium-sized business lender Spotcap has issued more than EUR 250 million (approx. 224 million GBP) in credit lines since its launch in 2014.
The milestone announcement comes amid optimism in the alternative finance landscape.
Strong growth can be attributed to the UK’s 5.7 million private sector businesses considering and using an increased range of finance options to meet their funding needs. A trend highlighted in the British Business Bank annual Small Business Finance Report.
Spotcap’s balance sheet lending offers small businesses an alternative to both traditional and peer-to-peer finance. Through robust credit assessment principles and innovative technology, Spotcap offers cash flow based underwriting, resulting in a real-time assessment of a business’ performance.
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In the last 12 months, Spotcap has gone from strength to strength. It has seen more than a 100 percent year-on-year increase in the volume of credit lines it has provided, whilst the wider alternative finance industry experienced a a 41 percent year-on-year growth in Europe.
“Our continued momentum is a testament to the importance of bringing a better lending experience to small and medium-sized businesses,” said Niels Turfboer, Spotcap managing director Benelux & UK. “We expect continued growth in coming months as businesses continue to seek out opportunities.”
Spotcap’s customers are primarily established businesses in the capital development stage, showing signs of stability or sustainable expansion:
- Half of its customers have been in business for more than 10 years (50%)
- Almost two thirds of its customers turnover more than EUR 2 million in annual revenue (65%)
- Three quarters of its customers are 40 years or older (75%)
- Spotcap serves businesses from a wide range of industries, with professional services (26%), manufacturing (19%) and retail (17%) topping the list
“By listening to our customers and partners we will continue to adapt our product to offer the best possible experience for business owners—a swift and straightforward application and repayment process with customer support throughout. We will also strengthen existing, and enter into new, strategic partnerships with select enterprises and banks”, adds Turfboer.
Spotcap operates as a direct lender in the United Kingdom, the Netherlands, Australia and New Zealand and earlier this year entered into a market-leading strategic partnership with BAWAG Group to give Austrian small and medium sized businesses access to same-day finance.
For further information, please visit: www.spotcap.co.uk.