Fintech lender Spotcap has marked its first anniversary in the Australian market with A$11 million of loan sales.Spotcap is a specialist lender to small and medium businesses, offering unsecured lines of credit up to $100,000 for draw-down over three months.The company reported that its average credit line was $65,000, with an average of about $25,000 drawn. Once finance is drawn it becomes a 12-month term loan.Spotcap is not a marketplace lender. It relies on funding from institutional investors. It has German and US equity holders and those backers invested €13 million in the local operation.In February the company announced that private equity investor Finstar Financial Group had put $50 million into the business.Spotcap Australia managing director Lachlan Heussler said the company had yet to attract local institutional support.Heussler said he was pleased with the credit quality of the portfolio. "The businesses applying for finance are bigger than we expected and they have more robust cash flows," he said."We have not disclosed arrears but the performance of the portfolio has been ahead of expectations."Spotcap has a proprietary credit scoring system that relies on credit bureau data, as well as access to bank account transaction histories, online accounting records and social media content.Heussler said the platform was working well and getting a good response from customers."We are lending to businesses that have banking relationships but want working capital on a quick turnaround. We can approve them in 24 hours. "The banks are upgrading their systems and some are now pre-qualifying SME borrowers. But they still want to do secured lending."