Spotcap, a Germany-based online lending platform backed by e-commerce group Rocket Internet, received €22m ($25.8m) in equity and debt financing today from unnamed, existing shareholders.
Founded in 2014 by Rocket Internet, Spotcap provides short-term loans to small and medium-sized enterprises, using an algorithm to determine a company’s creditworthiness. Spotcap is currently active in Spain, the Netherlands, Australia, the UK and New Zealand.
The company has not specified what proportion of the capital was equity funding. The round was announced at the same time as the company revealed it has now issued more than €120m in credit to clients.
The funding will help Spotcap boost its market share, strengthen its existing partnerships and forge new agreements. It has raised €100m in equity and debt financing to date, it said, most recently securing €14m in series C funding from unnamed investors in June 2016.
Private equity firm Finstar Financial Group led a $35m series B round for Spotcap in February 2016, with participation from Holtzbrinck Ventures, the VC firm spun out of publisher Georg von Holtzbrinck.
Rocket Internet had earlier contributed to the company’s $16.5m series A round in 2014 alongside conglomerate Access Industries and Holtzbrinck Ventures.