Spotcap has secured $20 million for SME lending from New Zealand’s Heartland Bank

The Australian division of European-based online lender Spotcap has recently announced a partnership with New Zealand’s Heartland Bank, which will be providing the fintech with an AU$20 million funding facility to help grow Spotcap across Australia and expand into New Zealand.

Spotcap has lent $35 million to Australian small businesses over its first 19 months of operations, with the book growing by 450 per cent over the year to December 2016 as the fintech expanded its distribution capability through deals with broking networks.