The online lender has revealed that when applying for a line of credit with Spotcap, businesses can now submit published records including P&Ls, balance sheets and BAS statements direct from Intuit QuickBooks Online, Reckon, Sage, Xero, MYOB or Saasu.
“In the past, to apply for a line of credit or business loan, SMEs needed to manually compile financial data, but our automatic integrations will take care of that,” said Lachlan Heussler, managing director of Spotcap Australia.
“We’re making finance more accessible for SMEs,” he added.
Spotcap uses credit scoring technology to evaluate real-life business data, including financials, in order to offer a flexible means of finance.
Since its launch in May 2015, more than 1,000 Australian SMEs have signed up to the platform, Spotcap said, with more than $15 million in finance requested over the subsequent six months.
“This shows significant demand for unsecured lines of credit and small business loans,” said Mr Heussler.
In an attempt to meet greater market demand, Spotcap has also announced an increase to its maximum loan amount from $100,000 to $250,000, and is offering more flexible, longer term loans of up to 12 months.
“We have been surprised by the early demand for our online lending products and are lucky to be nimble enough to respond quickly,” Mr Heussler said.
“To be able to offer a product extension and the release of these integrations within the first few months of our launch in Australia is a testament to the team of technology and credit specialists we have managed to build at Spotcap,” he said.