Spotcap

Spotcap is an online credit platform that provides short term loans for SMEs. The company developed a decision process assessing the real-time performance of businesses to grant short term loans. Spotcap is backed by Rocket Internet, one of the world’s largest venture capital firms and startup business incubator.[1][2]

History

Spotcap is based in Berlin and led by Toby Triebel[3][4] and Jens Woloszczak.[5] It operates in Spain and The Netherlands. Spotcap aims to expand into new markets and is currently scouting new locations in Europe, Asia Pacific and the Americas.

Business Model

Spotcap is a provider of small business loans. SMEs contribute 65% of GDP and 80% of total employment in Spain[6] and as such fuel the Spanish economy. These businesses are struggling to get financing, by virtue of being too small or lacking the financial history to qualify for bank loans. Small business owners upload their tax form or connect their merchant accounts to qualify for a credit line. The company’s algorithm checks the real-time business performance and creditworthiness, providing instant feedback.[7] The credit score determines the payable interest rate and fees. The credit lines range from € 500 to € 100,000.[8]

References

  1. ↑ "Rocket Internet-Backed Lender Spotcap Close to New Fundraising". Bloomberg.
  2. ↑ "Seven European Startup Hotspots To Watch". Forbes.
  3. ↑ "Interview with Toby Triebel". FinSMEs.
  4. ↑ "Interview with Toby Triebel". Sociali Apps.
  5. ↑ "Rocket Internet startet Finanz-Startup Spotcap in Madrid". Huffington Post.
  6. ↑ "Enterprise and Industry. SBA Fact Sheet Spain" (PDF). European Comission. European Comission.
  7. ↑ "How Spotcap works".
  8. ↑ http://www.spotcap.com/how-it-works-26.html