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Tuesday, 31 January 2017 11:17

NZ’s Heartland Bank funds Spotcap New Zealand, Australia expansion

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European-based online lender Spotcap has launched in the New Zealand market with an A$20 million investment from NZX-listed bank Heartland.

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.”

Lachlan Heussler, managing director of Spotcap Australia and New Zealand, said the company aimed to enable SMEs to “embrace growth opportunities by offering our credit lines and loans to small businesses in markets that require access to alternative funding solutions”.

“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”.


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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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