Small and medium-sized business lender Spotcap has issued more than £224m in credit lines since its launch in 2014.
The milestone announcement comes amid optimism in the alternative finance landscape. Strong growth can be attributed to the UK’s 5.7 million private sector businesses considering and using an increased range of finance options to meet their funding needs. A trend highlighted in the British Business Bank annual Small Business Finance Report.
Spotcap’s balance sheet lending offers small businesses an alternative to both traditional and peer-to-peer finance. Through robust credit assessment principles and innovative technology, Spotcap offers cash flow based underwriting, resulting in a real-time assessment of a business’ performance.
In the last 12 months, Spotcap has gone from strength to strength. It has seen more than a 100% year-on-year increase in the volume of credit lines it has provided, whilst the wider alternative finance industry experienced a a 41% year-on-year growth in Europe.
Niels Turfboer, Spotcap managing director Benelux & UK said: “Our continued momentum is a testament to the importance of bringing a better lending experience to small and medium-sized businesses. We expect continued growth in coming months as businesses continue to seek out opportunities.”