The company says it uses an algorithm that evaluates businesses based on its financial conditions instead of its historical trends and records. This helps Spotcap make quick decisions, typically within 24 hours, it says.
Founded in 2014, the business first set up shop in Spain, then rolled out offerings to businesses in Australia and the Netherlands, and launched in the UK a few months after the country decided to leave the EU. Spotcap is expanding fast, and New Zealand is the fifth market that the company has entered, in just over two years.
New locations aside, Spotcap has also forged a partnership with Heartland Bank in Australia, which will provide Spotcap’s local operations with AUD 20 million (USD 15 million) in fresh funds.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now