Online lender Spotcap reaches 500 million euros in 12 months

12 months, 3 countries, 2 continents, 18 million euros in funding, 20,000 registered users and credit inquiries amounting to 500 million euros. This is the first assessment of Rocket Internet’s newest fintech company Spotcap, a multinational online lending platform for small businesses.

Toby Triebel, Spotcap CEO and co-founder: “Since our launch in September 2014 in Spain, Spotcap has shown monthly double-digit growth rates. Our rapid growth in Spain, the Netherlands and Australia reflects that small businesses are increasingly turning to alternative financing providers. The small business financing landscape is changing continuously and we’re delighted to be at its forefront.”

Spotcap is headquartered in Berlin, with local offices in Madrid, Amsterdam, and Sydney. In its first year of business, the company has raised 18 million euros in equity and debt capital and successively grown its team to 65 employees. Over the past 12 months, Spotcap has been able to offer average interest rates between 1 and 1.5 percent to its clients. The company’s interest rates start at 0.5 percent per month.  

In its second year of business, Spotcap aims to continue its global expansion into new markets, expand its product offering and approach its goal of becoming a global leader for short-term online business loans.

While loans for big businesses have increased since the financial crisis, loans for small and medium-sized businesses have dropped significantly. Small business owners in particular often struggle to secure funding from traditional financial institutions.

The market opportunity for alternative finance providers like Spotcap is significant. According to the European Alternative Finance Benchmarking Report, the European alternative finance market as a whole grew by 144% – from 1,211 million euros in 2013, to 2,957 million euros in 2014.

Spotcap leverages big data to provide loans to micro-, small- and medium-sized enterprises that are underserved by traditional banks. The advantages are a simple and fast application process as well as a quick credit decision.

Dunedin-backed Hawksford continues international expansion by building its team in Asia

Hawksford, the leading international corporate, private client and funds business, is strengthening its commitment to the Asian market by expanding its team, just eighteen months after establishing its presence in the region.  The business, which was backed by UK mid-market private equity house Dunedin in October 2008, has made three strategic appointments in its Singapore office – Steve Spybey joins as Group Chief Operations Officer, Alan Ang as Business Development Manager and Emma Green as Trust Manager.

Hawksford established a presence in Singapore in March 2014 with the acquisition of Janus Corporate Solutions, the fifth acquisition made by the business since it was backed by Dunedin.  Hawksford further strengthened its foothold in Asia by opening an office in Hong Kong in February 2015.

Group Chief Operations Officer Steve Spybey has been seconded to Hawksford’s Singapore office and will work closely with the existing Asia team which is led by Asia chief operating officer Jacqueline Low to support further growth within the Asian business and to consolidate integration across the company’s international network of offices.

Alan Ang joins Hawksford from Boardroom and has 12 years experience in professional sales and the development of new client business and partnerships. He will help to build the company’s relationships with Asian based intermediaries.  Emma brings 10 years of private client experience and will help Hawksford to expand its range of services in the Asian market.  She previously held trust roles in Jersey and Switzerland before moving to Singapore in 2013.

David Williams from Dunedin, who sits on Hawksford’s board, commented: “The expansion of the team in Asia demonstrates Hawksford’s ongoing commitment to strengthening its international presence.  In eighteen months, the Asian business has grown significantly and these senior hires will contribute to the consistent provision of corporate, private client and fund services across its global network.   This is an exciting period for Hawksford, which is going from strength to strength.  Having completed five acquisitions in the last five years, the business is growing at an impressive rate.”

Scottish Loan Fund backs two energy service companies for international expansion with £5 million funding package.

The Scottish Loan Fund (SLF), managed by Maven Capital Partners (Maven), has completed a £5 million investment in the energy service specialists Meta Downhole (Meta) and READ Cased Hole (READ), to support the international growth ambitions of both businesses.

Aberdeen-based READ and Meta (the ‘Group’) are trading companies of READ Well Services Holdings, operating as separate entities since 2011 to enable a greater focus on specific growth strategies suited to the distinctive product lines and technology being developed by the two businesses.

READ, a leading, specialist provider of integrity and production evaluation services used during well construction, production and intervention operations, also has offices in Norway, Australia and Qatar and will use the funding provided by the SLF to support its geographic sales growth into new targeted areas such as the Middle East and Asia Pacific regions, where they already have existing clients.

Sister business, Meta, is a leading provider of metal-to-metal integrity solutions for a range of well applications ranging from land wells through to ultra deepwater structures.  It will utilise the SLF funding to further its international expansion into existing and new markets, where there is growing demand for its unique, patented technology that provides customers with certified gas-tight barrier solutions that span the life of a well through to decommissioning, even in deepwater environments, and a range of cladding products that extend the life of wells in production.

At its state-of-the-art testing facility in Aberdeen, Meta is able to test and qualify products to replicate extreme high pressure and high temperature well environments, with operations also supported by offices in Houston, Dubai and Kuala Lumpur.

Chris Cooper, Investment Manager at Maven, said: “We are delighted to be able to support the management teams at Meta and READ as they continue to grow their businesses internationally.  Funding from SLF is ideally suited to providing both businesses with the flexibility and financial backing that is vital in the current environment, and will allow the management to make important strategic decisions.  SLF continues to be a supporter of the oil and gas services sector, investing in dynamic businesses that are focussed on growth and have a robust business plan with a significant global dimension.”

Greg Herrera, Partner at Energy Ventures (owners of READ Well Services Holdings), said: “We are delighted to have the Scottish Loan Fund involved as a partner and look forward to the continued development of both READ Cased Hole and Meta.”

Scottish Enterprise works intensively with both companies, through its account management portfolio service, supporting them in areas such as leadership development, international market research and innovation. 

Welcoming this significant investment in the oil and gas sector, Michelle Kinnaird, Investment Director of Scottish Enterprise’s investment arm The Scottish Investment Bank, said:  “Today’s news reflects the determination of the supply chain during these challenging times. Like many oil and gas companies, Meta and READ recognise the important role international activity can play in their long term ambition and we are delighted we can help, through the Scottish Loan Fund, to support their growth in this area.“


Financial due diligence was conducted by Johnston Carmichael, Commercial due diligence by Calash, Legals by Blackwood Partners, and Insurance by Lockton.

Octopus launches $140m fund

Venture capital investor Octopus Ventures, part of the Octopus Group, today announced the launch of the $140m Octopus Zenith Opportunities II LP (“Octopus Opportunities fund”), aimed at providing growth capital to successful fast-growing later-stage companies across Europe. The fund is dedicated to follow on investments into existing companies within the Octopus portfolio, as well as having the opportunity to back later stage high growth businesses new to Octopus.

London-based Octopus Ventures has a proven track record of helping build exceptional global businesses, including Zoopla Property Group, Secret Escapes, SwiftKey and graze.com. The Octopus Opportunities fund will see Octopus invest between £250,000 and £25 million into Europe’s most talented entrepreneurs, enabling the team to back businesses from inception through to the later stages of development.

The first investment from the Octopus Opportunities fund has already been made, with Octopus leading the recent $60m round with Google Ventures into Secret Escapes, the London-based members only luxury travel site.

Alex Macpherson, head of Octopus Ventures, said: “At Octopus we seek unusually talented entrepreneurs, and we want to be there supporting them from the beginning of their business journey to the later stages of company growth and maturity. The Octopus Opportunities fund is a really exciting development that enables us to keep travelling with some of our existing entrepreneurs for longer, while also providing additional funding to find new investment opportunities.

“We are often one of the first investors into a startup and have long felt comfortable investing at the very earliest stage of a company’s life. It’s a long term partnership and we want to be there supporting the management team as they continue to realise the full potential of their businesses during the course of its lifetime, working to achieve growth for the team, the company and our own investors.”

“Recent years have seen significant changes in both the London and wider European technology markets; the rise of $1 billion business valuations across Europe has been particularly well documented. As the European ecosystem continues to develop and mature, this $140m fund allows Octopus to continue backing talented entrepreneurs from an early stage, but then to provide crucial on-going support, remaining an investment partner as they go on to build big, enduring businesses.


Alex Saint, CEO of Secret Escapes, said: “Secret Escapes first worked with Octopus in 2011, and they have always been great partners and supporters. During this latest investment round it was fantastic to be able to lean on the Octopus team – having an investor intent on working towards the Company's goals as well as their own meant that we were able to keep the momentum going throughout the funding process. The long-term relationships we have built with the team at Octopus over the last four years has played a crucial role in Secret Escape’s own development and we are pleased to be progressing these further as we continue our company’s journey.”


Bluetower Associates LLP advised Octopus on the fund launch. Alex Macpherson commented: “We are pleased to have worked with the team at Bluetower Associates again and look forward to working with them in the future.”