Capital on Tap, a leading global FinTech, has successfully launched its second public securitisation facility, London Cards No.2.
This new facility, which closed on 16 April 2024, successfully raised £350m, far exceeding the original £250m target due to strong investor demand.
London Cards No.2 marks a substantial growth from the initial London Cards No.1, which previously raised £250m. This expansion is indicative of the firm’s increased credibility and the trust investors place in its ability to serve the UK’s small and medium-sized enterprises (SMEs).
The company specialises in offering innovative financial solutions that are tailored to the needs of small businesses. Through products like London Cards, Capital on Tap provides vital capital that businesses need to thrive and expand. This recent funding initiative is a clear reflection of their commitment to enhancing the economic landscape for SMEs, making essential financial services more accessible to this crucial sector.
The funds from this latest securitisation are earmarked for significantly expanding the accessibility of products that small businesses require for growth. Capital on Tap is dedicated to continuing its support for the SME sector, aiming to broaden its impact and assist more businesses in achieving their developmental goals.
Additional statements from the investors underscore the importance of this transaction. Damian Brychcy, CEO of Capital on Tap, expressed the company’s drive, stating, “Our small business customers are the driving force behind everything we do. The tremendous success of London Cards No.2, nearly tripling our investor base from 7 to 21, is a testament to the market’s confidence in our ability to meet the financing needs of small business owners. This £350m funding will allow us to significantly expand access to the products small businesses need to thrive and grow.”
Investor representatives also shared their perspectives. Rob Tanna-Smith, Executive Director at J.P. Morgan, commented, “We are pleased to support Capital on Tap on their second public ABS transaction. This transaction provides additional funding diversity to Capital on Tap and we are delighted to continue to support the company in their growth as a credit card provider to SMEs across the UK.”
John Millward, Managing Director at HSBC, and Julien Terrettaz, Director at BNP Paribas, also praised the achievement and highlighted the expanded investor base and the strategic importance of this transaction for Capital on Tap’s ongoing growth.
Reflecting on its previous achievements, Capital on Tap’s first issuance in 2023 set a solid foundation, which has been significantly built upon with this latest securitisation.
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
