CapitalBox, the online pan-European SME funding platform has announced the acquisition of the Netherlands division of fintech company Spotcap Global as part of its own ongoing European expansion. Spotcap NL is one of the most prominent online SME lenders in the Dutch market.
CapitalBox’s acquisition of Spotcap NL marks a significant milestone in the business’s ambition to become the leading SME fintech lender in Europe. Acquiring the Dutch lender will build on CapitalBox’s footprint and give the fintech deeper access to the Netherlands, home to more than 1.1 million small and medium-sized enterprises.
CapitalBox is currently the market leader in SME fintech lending in six European markets – the Netherlands, Sweden, Finland, Denmark, UK, and Lithuania. CapitalBox issues loans to SMEs of up to 350,000 euros for 36 months, in as fast as one day via its proprietary lending platform.
CapitalBox will gain access to Spotcap NL’s market knowledge, existing network, and its underwriting expertise. This combination of financial expertise and the use of innovative technology has led Spotcap NL to become one of the most recognised online lenders in the Dutch market.
Scott Donnelly, CEO at CapitalBox, said: “Spotcap has built a great business in the Netherlands. By merging our knowledge and the teams, we will be stronger than ever and do a better job financing SMEs who want to grow.
“This is especially important when our economies transition back to normality and conventional banks continue to underserve the vitally important SME segment. The smaller SMEs we serve are truly the backbone of the economy. In the EU about 98% of companies have less than 50 employees and these provide about 50% of the jobs. The better we can help them with the financing they need to succeed the better off we all are.”
Jens Woloszczak, CEO at Spotcap Global and Christian Müller, CFO at Spotcap Global, added: “The sale of Spotcap NL marks our final step in focussing Spotcap Global on Lending-as-a-Service via our LendSuite proposition. We see CapitalBox as the ideal acquiror of Spotcap NL to further grow the business and realize its potential over the coming years.
“The ongoing combination of expertise and technology will further solidify the strong market position translating into better funding options for Dutch SMEs.”
Spotcap NL will continue under the CapitalBox name and brand and the transition will take place over the coming months.