Zip Business Loans Review (Formerly Spotcap)

This Zip Business Loans review (previously Spotcap business loans until 2020) will help you make the right decision on your finance provider and detail everything you need to know before applying for a business loan with Zip Business. We’ll look at the products offered by the online lender formerly known as Spotcap, how the firm was acquired and changed its name to Zip Business, and what clients have said about their experience in getting a business loan. Read the following Zip Business review to find out more.

🌐 Website:
®️ Logo:
📝 ABN:71 602 957 237
📝 Credit License:602 957 237
💰 Loan Amount$10,000 – $500,000
⏲️ Loan Term1 month – 36 months
💸 Unsecured Loans?Unsecured Loans through Line of Credit are Available
⌚ Lender Requirements
  • Trading for at least 18 months
  • Turnover greater than $200,000 per year
  • Profitable business
📃 Required:BAS for the last 4 quarters, financial statements for the last 2 years. All previous bank account statements from all prior years.
⏱️ Response Time:Approval normally within 24 hours.
🌝 Easy to Apply:Yes, fully online (expedited application here)

The Nitty-gritty

💌 Online Reviews:There are exactly 100 Zip Business / Spotcap Australia reviews (all under the name Spotcap Australia until July 2020) and they are all generally positive. Scoring the firm 4.5 / 5 on TrustPilot.
🏆 Awards and Recognition:
  • Finalists at the 2017 Australia Fintech Awards “Finnies”
  • Finalists at the 2018 Australia Fintech Awards “Finnies”
💳 Minimal Interest Rates:Fixed interest rates and a drawdown fee applicable each time you borrow against your credit line.

Upon opening the facility, a 2-3% origination fee will apply.
The Zip Business Loan calculator, based on the average Zip Business customer, suggests interest of $10,116 on a $101,000 loan over 12 months. These indicative costs seem exactly the same as when the business loan calculator was featured on

⚖️ Advantages
  • Unsecured Line of Credit
  • Highest Loan Amount of All Lenders
  • Clear Terms and Conditions
  • Reply Within 24h
  • All Client Reviews are Highly Positive
  • Avg Interest Rate ~10%/yr
⚖️ Disadvantages
  • High Requirements – Min. 200,000 annual turnover
⚖️ Compare Zip Loans
Compare Zip Loans with 20+ Australian Lenders on
Review Table of Contents
Overall Rating: ⭐⭐⭐⭐

What Finance Options Do Zip Business Offer?

The product that Zip Business offers is exactly the same as it did during its time trading as Spotcap – an unsecured line of credit up to $500,000 which gives clients the flexibility to draw down once daily up to the maximum size of their facility. Each time a customer draws down, that amount is then considered a loan. So if you came here looking for an unsecured business loan, that’s still possible through Zip Business, you just have to open a line of credit first. The benefit of this is that once you’re approved for your facility you can continue to redraw against it for as long as you’ve agreed for your facility to be in place. It’s reported that the size of the line of credit facility you are eligible for is roughly equivalent to your business’ monthly turnover.



Product Score: ⭐⭐⭐⭐ 

View Full Rating and Summary


Company Story & Credibility?

SpotCap Logo

Spotcap is an innovative global lender for small and medium-sized businesses. The company was founded in 2014 by entrepreneurs Jens Wolosczak and Toby Triebel in partnership with Rocket Internet and offered business loans throughout Spain, the Netherlands, the UK, Australia, and most recently, New Zealand (until the Australia and New Zealand arm was acquired by Zip Co).

Headquartered in Germany, the company grew to a team of over 130 staff in its 6 years since launch.

Spotcap operates as a direct lender to small and medium-sized enterprises (SMEs) in the United Kingdom, the Netherlands, Spain, Australia and New Zealand where the company offers businesses access to flexible finance.

This proven SME lending platform has been live in the market since 2015 and has originated over $300 million in credit lines around the world, with an estimated $23million issued to Australian SMEs.

The Funding Rounds

  •  Since 2014, the company has conducted 6 funding rounds and has raised a total of US$113 million from multiple investors based in Russia, Israel and Europe.
  • In 2014, Spotcap raised €13 million from a group of investors led by billionaire Len Blavatnik’s Access Industries.
  • In 2015, Spotcap received €5 million in debt financing from Kreos Capital, a European growth debt firm that provides financing solutions for high-growth companies across Europe and Israel.
  • The following year, Spotcap reinforced its capital line with €31.5 million in new funding. It was the company’s third funding round in the space of 18 months and was led by Russian private equity firm, Finstar Financial Group, with participation from previous investor Holtzbrinck Ventures.
  • Less than 6 months later in June 2016, Spotcap announced a €14 million funding round taking its 2016 total to €45.5 million. The lender said the additional funds would be specifically designated for the Dutch market and said it expected to provide €50 million in credit to Dutch companies on an annual basis.
  • In January of 2018, it raised A$20 million from Heartland Bank, a New-Zealand-based community bank located in central Ohio in the United States which provides a variety of financial services in the US. The investment round also coincided with Spotcap opening its first office in Auckland, New Zealand. In October 2017, it raised €22 million from its existing investors.

In Spotcap’s most recent press release (September 2018) , Spotcap had issued over €250 million in credit lines to SMEs and works with more than 10,000 intermediaries in its distribution network. The  CEO Jens Woloszczak has said that 60% of Spotcap’s loan book can be attributed to its 5000 strong global partner network.

The History of Zip Co

Founded by Larry Diamond and Peter Gray in 2013, Zip is an Australian FinTech that’s most well known for its Zip Pay solution, a product for end consumers and businesses alike. With the old motto “buy now, pay later” it’s a consumer credit offering that allows individuals to make purchases on credit and then pay off their purchases over time. For businesses it allows them to provide customers with another payment option on checkout.

In 2015, Zip was listed on the Australian Securities Exchange as zipMoney Limited (ASX: ZML) and has raised over $65 million in funding. It has a $200 million debt facility National Australia Bank, and a $40 million equity investment from Westpac Bank. A high growth company,Zip was ranked #7 on Deloitte’s Technology Fast 500 APAC.

In September 2019, Zip Co acquired SpotCap Australia and Spotcap New Zealand with the firm now trading as Zip Business. It’s still the same Spotcap team, delivering the same service and products to help Australian SMEs grow their business – just with a fresh new look. It’s reported that the IP (including the proprietary credit algorithm) will be licensed perpetually from Spotcap Global, ensuring Zip Business can continue to make fast lending decisions that can result in borrowers receiving funds in under 24 hours from application.

Credibility Score: ⭐⭐⭐⭐⭐ 

View Full Rating and Summary



Spotcap Client Reviews

By the look of things, Zip Business is yet to be linked to a customer review platform. All reviews have been left under the profile of Spotcap Australia, with the most recent being from July 2020. Given that the team and offering remains the same we’ve included the Spotcap Australia reviews below.

In Numbers

  • TrustPilot Australia: 100 Reviews, 83% Excellent, 12% Great, 5% Bad

The Feedback

With 95% of the feedback being positive, we’ve highlighted some of that here:

“Easily the best customer experience I’ve had this year. Very simple, smooth process… Would definitely recommend”

“Given the state of Business Banking in Australia at this time; Spotcap Australia is a breath of fresh air; from a customer service and business efficiency, point of view”

Given there are exactly 100 reviews, 5% of reviews being negative means there are exactly 5 bad reviews. 3 of these 5 reviews seem to relate to customers who were rejected for financing – a common complaint in the lending industry, particularly if a business owner is confident they can afford the repayment schedule. In fairness, it looks as if Spotcap has responded to each of these reviews in detail and offered to speak to each customer in more detail to explain why they were rejected for a line of credit. Of the other 2 negative reviews, one relates to the cost of the loan so will be discussed more in our rates section. The other poor review relates to an NZ based company who received an unsolicited email from SpotCap promoting their services – a breach of local regulations.

Analysis of Client Reviews

95% of Zip Business reviews / Spotcap reviews are highly positive and praise the customer service received and prompt nature in which they were able to access finance. It seems virtually everyone’s expectations were exceeded and many can’t believe how much better the service is, when compared to applying for a business loan with a bank.

The majority of the negative reviews relate to the strict application requirements (and the fact that Zip Business / Spotcap will take careful stock of negative financials). 

Have a read of the reviews for yourself but overall we get the feel the online application is easy, that customer service is excellent, and that they are a professional and efficient company to work with.

Client Reviews Score: ⭐⭐⭐⭐⭐ 

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Zip Business Online Platform –

Zip’s online application is straightforward and can be completed in as little as five minutes, either online or in collaboration with a financial advisor, broker or accountant.

The company claims to operate a “full-service lending platform” and works with leading institutions to provide their SME clients with an efficient and straightforward lending experience. And although they have a fairly stringent set of application requirements they do ease this by allowing customers to connect their business bank account for one-time read only access with Spotcap’ systems rather than manually pulling previous bank statements and sending them yourself.

Website Score: ⭐⭐⭐⭐⭐ 

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Zip Business Loan Compatibility

  • Startup: No, Zip Business requires that you’ve been trading for 18 months.
  • Bad credit: No, Zip Business requires access to complete financial records of your business bank account.
  • Sole trader: Yes, Zip Business works with sole traders.
  • Established business: Yes, Zip Business accepts established businesses.
  • Turnover: Zip Business requires  at least $200,000/year turnover.

The eligibility criteria for a Zip Business Loan is some of the toughest of any online business lender. To put it into perspective, some lenders, such as Lumi, ask for a minimum of 6 months trading and a $5,000 monthly turnover (i.e. $60,000 per annum). In fairness to Zip, the eligibility criteria is clearly displayed on their site so it avoids any time wasting of potential applicants.

Compitability Score: ⭐⭐⭐ 


 Zip Business Pricing & Rates

Based on information from the Zip Business website, the origination fee for a Zip Business line of credit is somewhere between 2-3% of the size of the facility. We’re not sure why they don’t explicitly state their origination fee but 3% is what Prospa, OnDeck, and many of Australia’s best online business lenders charge. So if you’re achieving anywhere below 3% with Zip Business you should be making a saving in this area.

The online loan calculator available on, indicates interest of $10,116 on a $101,000 loan over 12 months. The firm is keen however to stress the calculator is for illustrative purposes only and the example is based on an average Spotcap customer. At roughly 10%, this would represent a decent borrowing rate for an online business lender.

One borrower has this to warn in his review, “They quote Interest COST. This is very different to interest RATE. The rate is actually 1.9% per MONTH. Which is ~23% per annum! Not the 12.78% that they quote in the documents and over the phone.” The borrower raises an important point here – be sure to understand how your interest cost compares to an annualised rate, particularly when you are borrowing for under a year. Based on the information available it would appear this borrower was looking at taking a loan for roughly 6 months and achieved a rate of 12.78%. This is why the figures we’ve quoted from the Zip Business Loan calculator are based on borrowing for 12 months.

On the flip side, one borrower has this to say about their rate, “Amazing customer service and was the same interest rate as CommBank & ANZ.” The borrower was amazed they were able to achieve the same rate, given how much faster and more superior the service was – receiving a loan in 24hours instead of months. Overall, we have to assume the majority of borrowers were happy with the cost of their loan given they rated the service 5 / 5.

Fees Score: ⭐⭐⭐⭐⭐ 

View Full Rating and Summary


SpotCap Review Summary
  • Credibility - 95%
  • Client Reviews - 92%
  • Website - 86%
  • Compatibility - 80%

Editor's Conclusions

Rebranding from Spotcap, Zip Business remains a very respected company. You can borrow anywhere from $10,000 to $500,000 for any period of 1 month up to 36 months, that you can draw down at your own accord. Great website, great reputation and highly praising client reviews.

The website is  smooth and aside from the extensive application requirements the online application is easy. We conclude that it is one of the best lenders in Australia. Businesses’ with over $200,000 annual turnover are generally happily accepted.

Best for:

✓ Retailers

✓ Manufacturers

✓ Wholesalers



In 2018, Spotcap partnered with BAWAG Group, a significant Austrian bank.

BAWAG Group AG is the listed holding company of BAWAG P.S.K., which is headquartered in Vienna, Austria, with the main banking subsidiaries easybank and start:bausparkasse in Austria and Südwestbank in Germany. With more than 2.5 million customers, BAWAG P.S.K. is one of Austria’s largest banks operating under a well-recognised national brand.

The two companies said that their market-leading strategic partnership would give Austrian SMEs access to same-day financing and capital lines that could help businesses obtain capital that’s crucial for growth and expansion.

BAWAG P.S.K.’s new lending service will be powered by Spotcap and its cutting-edge platform, allowing the bank to offer a fully digital and automated solution for same-day finance to its SME customers.

The partnership with BAWAG is the first time Spotcap will offer its lending platform and proprietary analytics to a bank and marks the launch of its “Lending-as-a-Service” proposition. The partnership began with a focused launch for existing BAWAG P.S.K. customers in Q1 2018, before becoming available to all Austrian SMEs over the course of this year.

Short-term money lending is a capital-intensive business model which tends to mean that if a lender is raising capital, it is usually because its activities are growing in scale thereby requiring additional capital funding to accommodate growing client numbers.


We hope this Spotcap review has helped you understand the advantages and disadvantages of the company and can help you decide whether to take a small business line of credit  with SpotCap. For any inaccuracies or more information you’d like to know please contact us.

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