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Finterview: Spotcap

In this  second finterview of the year Toby Triebel Co Funder of Spotcap is answering my questions. Spotcap adresses the promising Small Business money and capital market. Our economy is changing. In the future we will see a makers & doers movement. A growing number of small enterprises requires new ways of raising capital. Spotcap is one new solution.

 

Finterview mit Spotcap

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1.Please describe your company and product

Toby Triebel: Spotcap is an online credit platform that provides short terms loans from €500 to €50.000 to small businesses. Business owners can upload their business forms or connect their online accounts to apply for a credit line. We process this data from our customers to check their creditworthiness, providing instant feedback. Therefore, we can grant short term loans within minutes.

 

2.Why did you start your business?

Toby Triebel: Having worked in the industry for many years, I witnessed first-hand how smaller businesses struggle to
receive funding from traditional banks. With the goal to address these challenges, we found Spotcap to enable small
businesses to fulfill their visions and grow without having to worry about financing.

 

3.What customer problem will you solve? Your main USP?

Toby Triebel: Business owners improve our lives with their ideas so why do we put obstacles in their way when it comes to
financing? Instead of tedious paperwork and multiple long meetings, we provide our customers with a credit line within
minutes. There is no extra paperwork and there are no obligations.

 

4.How is your start-up financed? In what funding phase are you?

Toby Triebel: Spotcap is backed by Rocket Internet, one of the world’s largest venture capital firms and start-up incubators.
Spotcap recently raised 13 million euros from a group of investors, including Access Industries.

 

5.Please describe your business model!( You can use a canvas picture)?

Toby Triebel: Spotcap is a provider of small business loans and is currently operating in Spain. SMEs contribute 65% of GDP
and 80% of total employment in Spain and as such fuel the Spanish economy. However, these small businesses often
struggle to get financing, by virtue of being too small or lacking the financial history to qualify for a bank loan. At Spotcap,
small business owners simply upload their business form or connect their online accounts to qualify for a credit line.
Spotcap’s algorithm checks the real-life business performance to provide a credit line, within minutes.

 

6.Please tell us some facts about your team? Who are the founders and what are their skills?

Toby Triebel: Spotcap was launched in Madrid in September 2014 and is led by Jens Woloszczak and me in Berlin. Our
team currently consists of 40 dedicated people. We have a very dynamic and international work atmosphere with people
coming from more than 20 different countries. I have 10 years of experience in the finance industry and more recently
investing in coporate and bank credit at a leading emerging markets hedge fund. Co-founder Jens Woloszczak has
experience with developing new business and operating models for leading European players. Together, we decided to
start Spotcap to disruptively change the banking landscape by using cutting-edge technology.

 

7.Short answer: Disrupting banks or enabling banks?

Toby Triebel: Spotcap aims at transforming the financial sector with an innovative business model that challenges the
traditional process of business funding. We certainly aim at disrupting the financial industry.

 

8.In what are you better than banks?

Toby Triebel: Enclosed you will find an image about the differences between Spotcap and a traditional bank.

Finterview: Spotcap

9.What are the biggest future challenges for banks and for your company?

Toby Triebel: There are two major challenges for banks. They need to keep up with a changing client base. Young entrepreneurs and companies have different expectations and needs than the generations before them. In addition, banks will have to compete with alternative funding sources. It will be a challenge for our company to continuously innovate and to keep up with the ever changing progress in technology.

 

10.Are you satisfied with the progress of your start-up? Are you on target?

Toby Triebel: We are very happy with the progress we have made in the past months. Within four months we were able to
provide credit lines to more than 250 clients. However, we strive to grow even more and to expand into new markets soon.

 

11.Any tips for people who like to start a fin-tech start-up?

Toby Triebel: Stand behind your ideas. If you stay focused on being the best at what you do, it is more likely that the rest
will follow. Search for colleagues who look for the best in others and genuinely love what they do. Invest in your team, as
they will help you move forward.

 

12.What are your plans and milestones for 2015?

Troby Triebel: Spotcap will expand into new markets and is currently scouting locations in Europe, Asia Pacific and the
Americas. Unfortunately, we can not share all our plans yet, but you should keep an eye on our social media channels
where we announce the latest news about Spotcap.
https://www.facebook.com/pages/Spotcap-Global-Services
https://twitter.com/SpotcapGlobal

 

One additional question: For what more private thing would you leave everything behind?

Toby Triebel: I would not trade the adventure of building a business for all the money in the world. Besides being offered a private island in the Caribbean, there is not a thing that could make me leave Spotcap behind.

 

Boris Janek

AUTHOR - Boris Janek

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