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Fintech business lender Spotcap has announced that it has provided more than 700 lines of credit to Australian small businesses in the past two years, totalling more than $50 million.
The $50-million milestone coincides with the lender’s second anniversary, following its launch into the Australian market in May 2015.
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Since that time, the lender has released more than 75 iterations and updates to its product, in a bid to provide “accessible finance to hundreds of Australian firms, in an effort to boost a sector commonly underserved by traditional institutions”.
It currently provides lines of credit of between $10,000 and $250,000 to small and medium-sized businesses (SMEs) operating in Australia (with a minimum turnover of $200,000), which have been in operation for 18 months or more.
According to the company, its loan book has grown by around 500 per cent since January 2016.
The managing director of Spotcap Australia, Lachlan Heussler, commented: “We aim to empower SME owners by providing them the funding they need to capitalise on opportunities to grow their businesses.
“On our second anniversary we can look back and be proud of all we have achieved as a business - particularly in the updates to our technology, and not just meeting - but exceeding - demand for an unparalleled client experience in obtaining business finance.”
[Related: The rise of the fintechs]
