Finstar Financial Group acquires stake in Spotcap FinTech company and becomes its major strategic partner
Spotcap raises EUR 31.5 million in funding Finstar Financial Group becomes new shareholder and strategic partner Previous investor Holtzbrinck Ventures participates in financing round Spotcap uses the funding to accelerate its global growth
Berlin & Moscow, 2nd February 2016 – Online lending platform Spotcap successfully closes its third financing round. The Berlin-based financial technology company raises EUR 31.5 million in new funding led by international private equity firm, Finstar Financial Group, with participation from previous investor Holtzbrinck Ventures. Spotcap intends to use the funds to expand its operations globally and to finance its online business lending activities in Spain, the Netherlands, and Australia.
The partnership between Finstar and Spotcap strengthens both parties’ position in the global FinTech industry landscape and underlines the increasing importance of the alternative financing sector.
This is Spotcap’s third successful round of financing in 18 months. The financial technology company previously raised EUR 13 million in funding from a group of investors, including Rocket Internet, Access Industries and Holtzbrinck Ventures as well as EUR 5 million in debt capital from Kreos Capital.
Nicholas Jordan, CEO of Finstar, commented: “Finstar is pleased to be working in partnership with multinational online MSME lender Spotcap. By acquiring a stake in Spotcap, we are strengthening our position in the digital financial services sector and increasing our reach to new territories. As its shareholder and major strategic partner, Finstar will intensify efforts to further develop Spotcap’s innovative online lending platform and facilitate its global expansion into high-yielding markets.”
Toby Triebel, CEO and Co-Founder of Spotcap, commented: “We are delighted with the endorsement and backing by Finstar. This long-term strategic partnership with a leading investor is a validation of Spotcap’s solid business model and our goal to become a leading global provider of online business loans. Finstar’s substantial expertise and valuable relationships in the FinTech industry will enable Spotcap to fast-track its growth.”
Spotcap leverages cutting-edge technology to meet the needs of small businesses more efficiently than traditional lenders. The company uses an innovative credit scoring technology that directly evaluates real-life business data to provide fast and flexible financing.
Source: Rocket Internet