Fintech lender to provide funding for SMEs
An online financial technology lender has revealed that it will provide funding for SMEs by expanding to the UK.
Spotcap, which provides business loans and credit lines to SMEs, is hoping that the expansion will enable the company to help SMEs in the UK to grow.
Spotcap was launched two years ago and has so far issued over £40 million in credit lines to SMEs. The company currently operates in Spain, the Netherlands and Australia.
According to Spotcap CEO and Founder Jens Woloszczak, the company’s goal is to empower SMEs to make the most of growth opportunities, which is achieved by offering SMEs credit lines in markets that are in need of alternative funding options.
Despite SMEs having a combined turnover of £1.8 trillion in the sector, many still have difficulty obtaining finance, and Spotcap will be targeting these businesses to provide them with alternative funding solutions.
Woloszczak stated that the expansion into the UK is an important milestone that reinforces the company’s commitment to the wider SME community.
Spotcap has now opened an office in London, with the UK operation being headed by Niels Turfboer, who believes that the UK has remained a robust market despite the uncertainty surrounding Brexit.
“Spotcap understands Britain is ‘open for business’,” he said.
“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.”
Turfboer described British SMEs as resilient and opportunistic, adding that this is why there is significant scope for Spotcap in the UK.