New online lender Spotcap targets SMEs 26 May 2015 3:52PM John Kavanagh The latest specialist online lender to launch in the Australian market, Spotcap, has the backing of a group German and US investors that have invested €13 million in the start-up.Spotcap's equity holders are German internet start-up backer Rocket Internet, German venture capital fund manager Holtzbrinck Ventures, US conglomerate Access Industries, and staff.Spotcap, which starts taking applications today, is a lender to small and medium businesses and will lend up to A$100,000.Spotcap Australia managing director Lachlan Heussler said the company had a proprietary credit scoring system that relied on credit bureau data, as well as access to bank account transaction histories, access to online accounting software and social media content.Heussler said approvals would be done in 24 hours.He said funding for loans would come initially from the company's investors. However, he is already having talks with local banks about putting a bank facility in place.Spotcap will price for risk, with rates starting at 0.5 per cent a month and rising to 1.5 per cent a month.The company is also operating in Spain, where it launched last September, and The Netherlands.