European digital B2B lender Capital on Tap has partnered with WebBank to launch a business credit card for SMBs in the United States.
Driven by the goal to make financial services more accessible for SMEs in the current challenging times, Capital on Tap’s main goal was to provide business owners and their employees with better control over funds for further growth business development in addition to supporting cash flow.
The new offering will deliver 1% cashback on all purchases with no foreign exchange fees, while a premium product will provide 2% cashback and a $199 annual fee. Both products will offer credit lines of up to $50,000 to support small businesses.
With a goal of getting more than 10,000 businesses to sign up in the first year, Capital on Tap’s expansion in the US follows hot on the heels of its launch in Spain last year.
Despite the restrictions and limitations induced by Covid-19 causing a completely remote environment, the time from conception to launch was less than 5 months.
Commenting on the new launch, Capital on Tap head of international expansion Zoe Newman said, “The team worked tirelessly to get the product prepared for launch. COVID-19 and the subsequent economic downturn have meant challenging times for SMBs and the Capital on Tap business credit card will provide access to crucial working capital and also a range of features built just for SMBs. There was a clear opportunity in the US SMB market for an alternative approach to B2B lending.”
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