Madrid, Berlin: Rocket Internet continues its focus on FinTech and launches Spotcap. The new online loan platform, that will be launched in Spain first ,will provide"rapid and flexible financing for SMEs".
The application process for these loans (from 500 to 50.000 euros ) should not take longer than 5 minutes, according to the Spotcap’s advertisements.: one’s credit-worthiness is checked with a so-called scoring technology that will evaluate the data online that the applicant provides online. Where the lending money comes from has not been disclosed by the company so far.
A similar test concept was developed by the Hamburg Startup Kreditech, which was funded by the Samwer Global Fund Founders Capital.
Spotcap will be managed from the Berlin head quarters, by its founders Toby Triebel and JensWoloszcak and by Managing Director Pablo Pastega, In Germany
Vexcash spinoff Kreditup, has offered a similar service since 2013. This Berlin based company offers short-term loans between 1,000 and 10,000 euros to self-employed and entrepreneurs
Zencap and Lendico
Rocket itself has already been active with another credit platform for SME’s since March of this year: Zencap. In this so called peer-to-peer (P2P) credit intermediary, borrwowers can choose to participate in projects ranging from 10,000 to 150,000 euros and invest in private investors starting from 100 euros loans. For private loans Rocket launched, the P2P platform Lendico.
Both Zencap and Lendico joined forces under the umbrella of ‘Deutsche Kreditmarktplätze’ (German credit market places) in May of this year, but will continue to operate independently.