Ferhat, what can you tell us about your product?
Ferhat Oztürk: 'Spotcap offers business credit from EUR 10,000 to EUR 350,000 with a maximum term of 24 months. We work entirely online. Entrepreneurs can apply to us very easily without physical appointments and unnecessary paperwork. Because we use technology as enabler can our team of analysts complete applications within one working day review. We assess entirely on current data; a business plan or forecast is therefore not necessary. In addition, thanks to our thorough risk analysis, we can financing without additional securities ask.
From what idea was Spotcap founded?
'Spotcap was founded out of entrepreneurial spirit and with a lot of knowledge and expertise in financial services. We aim to easy access to business finance for established entrepreneurs. Our vision of business lending is that it should be accessible, transparent and fair. We contribute to this by offering quality and added value and always being available to our customers and partners. And by really thinking along with them.'
For which (types of) businesses does Spotcap offer a solution?
'Entrepreneurs come to us because they want to grow with or just maintain their continuity. To qualify for a loan with us, a company must have been operational for at least two years and have an annual turnover of at least EUR 300,000. Furthermore, a longer history of existence, positive financial trends and sufficient repayment capacity help. We are therefore For companies with healthy cash flow that want to go the extra mile and need additional funding to do so.'
For what specific financing issues is Spotcap the solution?
'We can often provide solutions when widening working capital is desired. We are there for various types of working capital financing; think of financing stock or additional staff, pre-financing projects or assignments or realising flexible space on an existing current account.
'We are also often used for seasonal financing. This happens mainly because of the flexibility we can offer. Think of a flexible withdrawal period and the possibility of extending or increasing the facility in the interim.
'Moreover, because we do not require any additional collateral, our product is eminently usable in a stacked funding; many customers use us to supplement existing credit. In addition, speed can be a decisive factor. Because we can review so quickly, an entrepreneur is often better able to respond to the opportunities he encounters.
'Finally, we are distinctive in unsecured credit: precisely because we do not require any additional collateral - and can cover this risk with sound analysis and the latest technology - our product is excellent to use in combination with other forms of financing, for example a long-term bank loan where the collateral is already forgiven.'
Why do you like working with an intermediary like Xolv?
'In my opinion, there is an awful lot of much added value in financial advice. The supply of SME financiers in the market is incredibly large and diverse. As a result, entrepreneurs often cannot see the wood for the trees and end up with financing solutions that do not necessarily match their specific situation and financing needs. An intermediary in the form of a financial adviser knows the market and the offer and can help an entrepreneur provide the right solution.'
Finally, in what area does Spotcap want to differentiate itself?
'We are not the biggest fintech company in the Netherlands, but that is not our objective either. We want to qualitatively the best fintech lender and provide the best possible service. In concrete terms, this means that we take the time to build relationships and really think along with you about solutions. We strive for good and fast service, transparent conditions and a flexible product. This is for instance visible on a platform like Trustpilot, where we are listed among business lenders like number one are ranked.
'In addition, we are a responsible lender: we meet the highest standards in the responsible lending market and recently received the 'Erkend MKB Financier' quality mark from Stichting MKB Financiering. We have been affiliated with this foundation since its inception, in which we have also supported it as a founding partner. We have do our bit for a better and transparent market, something we are, of course, immensely proud of.'
Xolv is also convinced of Spotcap's products and services. Therefore, we have formed a partnership and also include Spotcap's solutions in our advice towards our own clients. Want to know more about business lending? See what Xolv can do for you here.
