Capital on Tap raises £100m from credit facility
By Gloria Methri
Global FinTech Capital on Tap has secured a whopping £100 million corporate revolving credit facility with Atalaya Capital Management. The credit facility will be used to provide small businesses in the UK and US with a central hub to manage all aspects of their business finances.
Since its launch in 2012, Capital on Tap has provided over £5 billion of funding to over 2,00,000 small businesses. The revolving credit facility is the first that will be used to enhance its product offering.
“We continue to see small businesses overlooked and underserved by the large incumbent banks,” said David Luck, co-founder and CEO, Capital on Tap. “We want to build a simple, seamless finance platform for small business owners.”
Capital on Tap provides business credit cards and a spend management platform that gives small businesses instant access to funds, flexible repayment options, accounting integrations, unlimited free 1% cashback, and unlimited employee cards.
Through the funding, the firm will build out its central finance hub for small business owners in the US and the UK. This will include an accounts payable suite to manage bills and expenses, and a credit score builder to help new companies establish business credit.
“We are extremely pleased to have agreed on this facility, which will allow us to better serve our small business customers with the spend management tools and flexible funding they need to grow,” said Alan Hart, CFO at Capital on Tap. “Moreover, it is fantastic that we have broadened our relationship with Atalaya to include a general-purpose corporate facility.”
Meanwhile, James Intermont, Managing Director, Atalaya Capital Management said, “Capital on Tap’s impressive growth has positive implications for the prosperity of small business owners in the US and UK. We’re thrilled to expand our relationship with Capital on Tap via their first revolving credit facility to support this critical segment of the business population.”
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February 23, 2024
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