Capital on Tap scores $200m funding facility to drive US growth
Capital on Tap has secured a $200 million funding facility from HSBC and alternative investment firm Värde Partners to support its US growth.
Launched in 2012, the fintech company claims to have provided more than £3.5 billion in funding to more than 125,000 SMEs in the UK and US.
Capital on Tap does this by offering business credit cards with employee spending controls, reporting and reward facilities.
The company says its business credit card is built for small business owners, making it easy to access working capital, issue cards to other directors and employees and earn rewards.
With the new funding facility, the fintech plans on reinforcing its expansion in the US. It launched its US credit card in March 2021 and has an office based in Atlanta employing more than 50 people.
Alan Hart, Capital on Tap chief finance officer (CFO), says the new facility will help the firm “to provide essential funding for small businesses across the United States”.
Capital on Tap last raised £450 million in a private equity round led by HSBC, BNP Paribas and Atalya Capital in November 2021.