Spotcap has just hit its first anniversary, having launched back in September 2014.
Another member of the Rocket Internet family, Spotcap is the German company-maker's latest answer to the widespread shortage of SME credit in continental Europe. Spotcap extends credit lines of between €500 and €100,000 to small businesses in Spain, the Netherlands and Australia. The proposition is centred upon a powerful technological infrastructure and on the intelligent usage of big data.
The headline stats after 12 months? €500m in credit inquiries (this appears to be a popular metric among the children of the Rocket Internet machine) and 20,000 registered users. Spotcap has also raised €18m in equity and debt capital. €13m in equity money was initially secured from from a group of investors that included Access Industries and Holtzbrinck Ventures. The platform then raised €5m in debt capital from Kreos Capital, which is reportedly "Europe's largest provider of growth debt to high-growth companies". Spotcap is now turning to debt as the primary source of capital for funding SME loans, where previously it had been reliant upon equity money.
The team has grown to 65 employees, spread across branches in Berlin (HQ), Madrid, Amsterdam and Sydney. Spotcap revealed that its borrowers have paid an average monthly interest rate of between 1 and 1.5% during year 1. The platform's interest rates start at 0.5% per month.
Spotcap has confirmed that its plans for year 2 include further global expansion – which is a hallmark of Rocket Internet lenders. Both Lendico and Zencap are operating cross-border in Europe, with the former having ventured as far afield as Brazil.
Toby Triebel, Co-Founder and CEO of Spotcap – whom we interviewed earlier this year, offered comment:
“Since our launch in September 2014 in Spain, Spotcap has shown monthly double-digit growth rates. Our rapid growth in Spain, the Netherlands and Australia reflects that small businesses are increasingly turning to alternative financing providers. The small business financing landscape is changing continuously and we’re delighted to be at its forefront.”