Capital on Tap partners ClearBank for business savings accounts
Small business credit card provider Capital on Tap has tapped ClearBank to launch business savings accounts.
Capital on Tap launches business savings accounts
The embedded banking service has been integrated directly into Capital on Tap’s existing user portal, through which customers can now access interest-bearing accounts, with deposits held by the Bank of England.
The accounts seek to enable businesses to “build financial security”, comments Capital on Tap COO, Alex Miles.
According to a statement from ClearBank, the project began in 2023, with integration starting in April. Following an initial beta testing phase in October, the service was officially launched to the market last week.
The UK-based clearing and embedded banking firm describes the business savings accounts as the “quickest” embedded banking service it has launched since its inception in 2015.
Capital on Tap is now understood to be “in discussions about developing future solutions” with ClearBank, the statement continues, with a specific focus on enhancing its SME client base.
The news comes hot on the heels of ClearBank securing a Credit Institution Licence from the European Central Bank (ECB) last August, which has enabled the company to extend its services into Europe.
