Capital on Tap secures £100m credit facility to support SMEs
Capital on Tap has secured a £100 million corporate revolving credit facility with Atalaya Capital Management to support small businesses in the UK and US.
While Capital on Tap has secured credit facilities in the past, for the first time this credit facility will be used to build out a “simple, seamless” central finance hub for small business owners in the UK and US.
The hub will include a full accounts payable suite to manage bills and expenses and a credit score builder to help new companies establish business credit.
Capital on Tap CEO and co-founder David Luck says: “We continue to see small businesses overlooked and underserved by the large incumbent banks.”
The firm’s chief financial officer (CFO) Alan Hart says the £100 million facility “will allow us to better serve our small business customers with the spend management tools and flexible funding they need to grow”.
Capital on Tap provides an all-in-one business credit card and spend management platform for small businesses, providing instant access to funds, flexible repayment options, accounting integrations, unlimited free 1% cashback and unlimited employee cards.
Since launching in 2012, the company has provided more than £4 billion in funding to more than 200,000 small businesses. The firm launched its US business in 2021.