Capital on Tap has secured a £100m corporate revolving credit facility with Atalaya Capital Management.
According to FinTech Finance, the credit facility will be aimed at providing small businesses in the UK and the US with a central hub to manage all aspects of their business finances.
Since launching a decade ago, Capital on Tap has provided over £4bn of funding to more than 200,000 small businesses.
This revolving credit facility is the first that will be used to enhance Capital on Tap’s quickly evolving product offering.
FinTech Finance highlighted that Capital on Tap provides an all-in-one business credit card and spend management platform built to save small businesses time and money with instant access to funds, flexible repayment options, accounting integrations, unlimited free 1% cashback, and as many employee cards as they need.
Through the funding, the firm will build out its central finance hub for small business owners in the US and the UK. This will include a full accounts payable suite to manage bills and expenses as well as a credit score builder to help new firms establish business credit.
Capital On Tap CEO and co-founder David Luck said, “We continue to see small businesses overlooked and underserved by the large incumbent banks. We want to build a simple, seamless finance platform for small business owners.”
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