Fintech lender Spotcap has scored its first line of local bank funding, a A$20 million facility from NZX-listed New Zealand bank, Heartland.Spotcap said in a media release that it grew its Australian loan book by 450 per cent from December 2015 to December 2016, but would not put a figure on the aggregate.It also said it had launched its New Zealand operations in Auckland.Lachlan Heussler, managing director of Spotcap Australia and New Zealand, told Banking Day its average loan size in Australia was $35,000. He said about 30 per cent of funding was made to "retail SMEs", about the same to service businesses and 15 per cent for construction services.The default rate, he said, was "well within expectations; 90 days past due in very low single digits."