And another SME lender joining the party...
Spotcap, the online lender backed by German investor Rocket Internet AG and billionaire Len Blavatnik’s Access Industries LLC, is in advanced talks with lenders to raise additional cash for expansion. “We’re in the process of closing more funding,” Toby Triebel, chief executive officer of Berlin-based Spotcap, said in an interview on Tuesday. The first stage will be a debt facility from institutional investors, which will be completed by the end of the month, he said. The company, which offers applicants a five-minute decision on a loan after an algorithm rates their creditworthiness, may need to raise 1 billion euros ($1.12 billion) in the next three to five years to expand in Europe and reach a target market share of 2.5 to 5 percent, Triebel said. The company raised 13 million euros when it started six months ago.
