Online small business lender Spotcap has inked a partnership with New Zealand’s Heartland Bank and secured €14m in funding to expand around the region.
New Zealand marks the fifth market for the Berlin-based startup that expanded into the Netherlands and Australia in 2015 and the UK last year.
Founded by German startup-builder Rocket Internet in 2014 the company offers credit lines and business loans to SMEs.
It aims to make lending decisions faster and more accurately than traditional lenders through credit algorithms.
It claims to have issued more than €65m in credit lines to SMEs to date.
The round brings the company’s total funding to more than $66m with it previously raising a €14m Series C round in June.
Spotcap CEO Jens Woloszczak said: “Collaboration is essential to the growth and development of the fintech industry and has been part of our strategy since we launched in 2014.
“We are happy to have entered a partnership with Heartland, it’s an important milestone for Spotcap.”
Heartland Bank CEO Jeff Greenslade said “Our partnership with Spotcap further highlights Heartland Bank’s commitment to fintech and digital banking, in line with both our own internal offerings as well as our investments in the sector.
“We are delighted to gain further exposure to online SME lending and look forward to working with Spotcap to grow its Australian operations.”
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