VC-firms back €22m funding round for Spotcap

Its backers include Rocket Internet, Finstar Financial Group, Access Industries, Holtzbrinck Ventures, Kreos Capital and Heartland Bank. However, the company is not disclosing which of these have committed capital to the current round.

Australia-based Heartland Bank is the most recent new investor after it committed €14m in debt funding in January 2017. It has provided further debt for the current financing round, unquote" understands.

Previous funding
The company has raised more than €100m since its launch in September 2014.

In October 2014, Holtzbrinck took part in a €13m series-A funding round for the online credit platform. Access Industries, a privately held industrial group, led the round.

In March 2015, Kreos provided €5m in debt capital for Spotcap's series-B.

Holtzbrinck and Russian investment firm Finstar then invested €31.5m in Spotcap in February 2016 and another €14m in June 2016, along with Rocket Internet and Access Industries.

Heartland Bank provided AUD 20m of debt financing to Spotcap in February 2017.

Company
Founded in August 2014, Spotcap is an online loan platform launched by Berlin-based startup accelerator Rocket Internet. It claims to offer loans of €500-50,000 to small business owners in less than five minutes using its own credit-scoring technology. It says it has issued more than €120m in credit lines since its inception. In addition to the German capital, the company's 120 employees work out of offices in Madrid, Amsterdam and Sydney.

People
Spotcap – Jens Woloszczak (CEO).

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