SME financing solution Capital on Tap has secured a £450m funding facility to help foster further growth in the UK.
The recent funding facility was supported by HSBC, BNP Paribas and Atalaya Capital Management.
Established in 2012, Capital on Tap provides business credit cards with employee spending controls, rewards and reporting. The firm has to date provided over £3.5bn of funding to more than 125,000 small businesses across the UK and the US. The firm was last year recognised by Forbes as one of the UK’s fastest growing businesses.
Capital on Tap CFO Alan Hart said, “We are extremely pleased to be working with Atalaya, BNP Paribas and HSBC, who with the provision of this funding facility will enable Capital on Tap to support a greater number of SME’s who are overcoming the economic effects of Covid-19. Working remotely whilst reaching agreement on the facility created its own challenges, which we would not have conquered swiftly without the hard work and dedication on all sides.”
Atalaya principal James Intermont added, “Capital on Tap has built a useful product that has helped thousands of small businesses in the UK meet their funding needs. We are excited to support their continued growth in the UK and Capital on Tap’s underlying small business customers with this credit facility.”
Capital on Tap previously raised £140m in debt financing back in August 2018.
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