Online Lender Spotcap Launches in the UK

Fintech company to finance growth opportunities for SMEs following
Brexit vote

LONDON–(BUSINESS WIRE)–#AltFi–Two years after its launch, online lender Spotcap
is expanding into the UK market, providing flexible and accessible
funding solutions to small and medium-sized enterprises (SMEs).

Spotcap provides SMEs with credit lines and business loans of up to
£150,000 through an online application process. While traditional
lenders make credit decisions based on historical financials and
old-fashioned credit scoring, Spotcap uses a unique, proprietary credit
algorithm, which provides deep insight into the financial condition of a
business, enabling quick, sound decisions.

“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,”
explains Jens Woloszczak, CEO and founder of Spotcap.

There are 5.4 million private sector businesses in the UK. More than 99
percent of these are SMEs. Despite a combined annual turnover of £1.8
trillion these businesses often face difficulties obtaining financing.
As many as half of loan applications made by SMEs with fewer than 50
employees are rejected by traditional lenders, creating a strong demand
for alternative financing in the UK.¹

Niels Turfboer will lead Spotcap’s UK operations. He has nearly 20 years
of experience in European banking and business finance. Turfboer
believes that despite economic uncertainty post-Brexit the UK remains a
robust market.

“Spotcap understands Britain is ‘open for business.’ The underlying
dynamics of the economy are unchanged and capital will be needed to make
the most of opportunities in turbulent times. We look forward to
working with the UK SME community and playing a part in providing the
financial infrastructure needed to maintain Britain’s strong
entrepreneurial and creative prowess.”

Spotcap has raised £56 million in equity and debt funding and issued
more than £45 million in credit lines. It is operating in the UK with a
credit license from the Financial Conduct Authority (FCA).

For further information, please visit: www.spotcap.co.uk

About Spotcap

Spotcap enables small business owners to grow by providing flexible and
accessible financing. The financial technology company has developed a
sophisticated and dynamic decision process assessing the real-time
performance of businesses to grant short-term credit lines and loans.
Spotcap launched in Madrid in September 2014 and expanded to the
Netherlands and Australia in 2015. The company is led by CEO and founder
Jens Woloszczak and Niels Turfboer, Managing Director of Benelux and the
UK. The growing team currently consists of more than 90 employees.
Spotcap is backed by investors including Rocket Internet, the world’s
leading global internet platform outside of the US and China, Finstar
Financial Group, Access Industries, Holtzbrinck Ventures and Kreos
Capital.

Read more about Spotcap: www.spotcap.co.uk

END

¹ Howarth Roth, ‘Lending to SMEs grows for the first time
since the recession’, March 2016, http://www.howardroth.co.uk/lending-to-smes-grows-for-the-first-time-since-the-recession/

Contacts

Spotcap
Helena Zarchan
Senior PR and Communications
Manager
Ph: +44 (0)7850 452021
Email: helena.zarchan@spotcap.co.uk