Heartland partners with Spotcap

Heartland Bank Ltd has announced a partnership with Spotcap Australia and provided $20.7 million in funding for the online lender to accelerate growth in Australia. Spotcap Australia provides unsecured lines of credit and business loans of up to $260,000 to small and medium-sized business globally. Funding is allocated based on credit algorithms rather than a company’s financial history, and has issued $93.4 million in credit to various business around the world. Spotcap headquarters are located in Berlin with local offices in Barcelona, Amsterdam, Sydney and London. Spotcap first launched in Australia in May 2015. Along with the partnership with Heartland, Spotcap has also announced its launch into the New Zealand market today. “We are delighted to gain further exposure to online SME lending and look forward to working with Spotcap to grow its Australian operations,” Heartland CEO Jeff Greenslade said in a statement. Shares in Heartland Bank rose 0.6% at the news, trading at $1.57 this afternoon.