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Spotcap: New Provider of SME Finance Launched in Spain

SME access to Finance SmallFintech startup Spotcap brings power back to small business owners making use of big data in Spain

Spotcap is the new innovative online credit platform providing fast and flexible financing to small businesses. The company’s mission is to enable business owners to invest and grow without having to worry about how to finance their projects.  According to the company press release it supposed to take as little as five minutes – making it the fastest online credit. Online merchants can apply for credit lines ranging from € 500 to € 50,000.

Spotcap uses an innovative credit scoring technology that directly evaluates real-life business data from the customer’s online accounts. All of that without the tedious paperwork, long waiting times and stringent credit criteria typically imposed by banks. Today the company launches its business in Spain with an initial focus on online merchants and plans to expand its service both geographically and across products.

SMEs account for 65% of GDP and 80% of total employed people in Spain. As such, SMEs fuel the Spanish economy and are often the driving force behind important innovations. The convenient and fast credit lines from € 500 – € 50,000 that Spotcap provides to small online business owners therefore play a vital role in supporting macroeconomic growth and increasing employment.

Toby Triebel, co-founder of Spotcap: “Having worked in the industry for many years, I witnessed first-hand how smaller businesses struggle to receive funding from banks. With the goal to address these challenges, we created Spotcap in order to enable small businesses to fulfill their visions and grow without having to worry about financing.”

Spotcap was launched in Madrid in September 2014 and is led by co-founders Toby Triebel and Jens Woloszczak in Berlin and managing director Pablo Pastega, who leads Spanish operations. The team – currently consisting of 30 credit and online experts – plans to expand its service both geographically and across products.  Spotcap is backed by Rocket Internet.

Source: Press Release RocketInternet

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