Capital on Tap, a credit card for small businesses, has secured a £200m funding facility from JP Morgan and Triple Point.
It claims this capital will help small businesses access credit at a time when the UK is anticipating a recession and facing historic inflation rates.
This credit line comes just four months after Capital on Tap received a $200m facility for its growth in the US. Capital on Tap stated that both these credit lines are crucial to its expansion plans.
Launched in 2012, Capital on Tap has developed an all-in-one credit card for small businesses, as well as a spend management platform. It claims over 200,000 small business customers have spent £4bn on their business credit cards.
The credit card boasts up to 56 days interest fee on purchase, unlimited cards, accounting tool integration, no FX or UK ATM charges and rates as low as 9.9% APR.
Capital on Tap CFO Alan Hart said, “We are thrilled to be working with JP Morgan, whilst continuing our long relationship with Triple Point. Their willingness to support our mission of “Making the Lives of Small Businesses Easier” not only recognises the importance of this mission but also Capital on Tap’s track record of delivering.”
Over the past three years, Capital on Tap claims to boast a 61.98% annual sales growth.
Speaking on the deal, Triple Point partner and head of private credit Neil Richards said, “We are delighted to continue our longstanding relationship with Capital on Tap by providing this new facility. Having first supported the business in 2014, this facility is further evidence of the depth of relationship we have built with Capital on Tap over the last 8 years. We look forward to supporting them long into the future.”
Capital on Tap previously raised a £450m funding facility in October 2021 to foster its UK growth.
Copyright © 2022 FinTech Global
