Online Lender Spotcap just gave a huge thumbs up to a post Brexit Britain by launching in the UK.
Founded two years ago and operating in Spain, Australia and the Netherlands, Spotcap is now expanding into the UK market, providing flexible and accessible funding solutions to small and medium-sized enterprises.
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.
Niels Turfboer will lead Spotcap’s UK operations. He has nearly 20 years of experience in European banking and business finance and believes that despite economic uncertainty post-Brexit the UK remains a robust market saying “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.
Spotcap will consider finance applications from UK companies with a turnover of at least £250k in the last yearand a UK bank account. You must have been operating for at least 12 months and two years of financial reports (We’re still trying to figure out how you get two years financial reports from 12 months operations).
There are an ever increasing number of small business funding solutions on the marketplace, you’ll find alternatives in the Tamebay Guide. Not all solutions will suit your business so it’s always good to see newcomers to the market, find out more about Spotcap on their website.
