Heartland says its investment in Spotcap demonstrates its “commitment to supporting innovative fintech solutions”.
Heartland Bank chief executive Jeff Greenslade said the partnership enabled Spotcsp’s Australian operations to accelerate their growth plans whilst the company ramps up its entry into the New Zealand market.
“We are delighted to gain further exposure to online SME lending and look forward to working with Spotcap to grow its Australian operations.”
“We are excited to have Heartland support our local operations through this investment, and coupled with the progression into the New Zealand market, it puts further focus on our region’s potential to become global leaders in the fintech space.”
According to Heussler, rather than basing credit decisions on historical financials, Spotcap has developed a “unique, proprietary credit algorithm which provides deep insight into the financial condition of a business, enabling quick, sound credit decisions”.
“Spotcap provides flexible and accessible funding solutions to small and medium-sized enterprises (SMEs) with unsecured credit lines and business loans of up to $250,000,” Heussler said.
Heartland says investment in the fintech sector has grown from A$1.8 billion to A$24 billion worldwide in the last five years and “Australia and New Zealand are two of the fastest growing alternative finance markets across the Asia-Pacific region, with particularly high market penetration”.