Holland FinTech member Spotcap announced on Jan 22nd their plans for 2018. At the centre of their plans is the launch of their Lending-as-a-Service proposition.
In a press release, Spotcap announced their Lending-as-a-service proposition for FIs. It is part of their mission ‘to collaborate with other companies which share our mission to empower SMEs with tailored finance.’
The same day, the German online lender announced a strategic partnership with BAWAG Group. Together, the companies will give Austrian SMEs access to same-day financing. The partnership will allow Spotcap to offer their lending platform and proprietary analytics in collaboration with a major institution.
The partnership with BAWAG Group is the first time Spotcap will offer its lending platform and proprietary analytics to a bank and marks the launch of its Lending-as-a-Service proposition.
How does it work? Spotcap’s proprietary credit scoring technology plugs into an applicant’s accounting software and bank account. With this access, Spotcap directly evaluates real-life business data to provide flexible financing to small businesses. Financial institutions can then use Spotcap’s cutting-edge platform to offer a fully digital and automated solution for same-day finance to its SME customers.
By Grace Appleford, Research Analyst at Holland FinTech.