Open Banking platform Nordigen partners with Spotcap

SME lending provider Spotcap has partnered with Latvian Open Banking platform Nordigen to improve the lending services it can offer to SMEs, using Open Banking transactional data.

Spotcap Global Services is a global lending as a service (LAAS) provider and its developed solution covers all aspects of digital lending to SMEs, including an application flow and onboarding module, document processing, credit analysis and CRM, as well as loan management systems.

Viktor Kocherga, SVP of technology at Spotcap, said: “With Nordigen’s API, Spotcap can securely and quickly gather customer data to enhance existing products.

“We share a joint purpose, to create convenient and comprehensive services using data, and Nordigen has the necessary tools to help us achieve this.”

Through the partnership, Nordigen will provide access to financial transactions, which is the main tool that will be used by Spotcap.

In addition to previous lending information, Nordigen provides enhanced credit reports to improve the decision-making process and enable an in-depth customer financial behaviour evaluation.

Rolands Mesters, co-founder and CEO of Nordigen, added: “Nordigen’s Open Banking data has allowed lending platforms like Spotcap to improve their services.

“By partnering with Nordigen, Spotcap can use Open Banking’s full potential to improve lending services and provide a better experience for its users.”

Earlier this month, buy now, pay later provider Anyday entered a partnership with Nordigen to improve its loan decision-making process.