Capital on Tap partners with Plaid to boost UK SME funding efficiency

May 23, 2024

Capital on Tap, a small business credit card and spend management platform trusted by over 200,000 businesses, has expanded its partnership with Plaid, an open banking infrastructure provider, to the United Kingdom.

This extension builds on their successful collaboration in the US, which began in January 2023.

The partnership aims to leverage Plaid’s open banking infrastructure to provide UK small and medium-sized enterprises (SMEs) with more efficient access to funding.

Capital on Tap integrates Plaid’s open banking capabilities to reduce friction in the lending process, improve risk analysis, and increase approval rates for SMEs. This integration has already proven successful in the US, prompting the expansion to the UK. The goal is to foster a long-lasting partnership across both regions, driving mutual growth.

Plaid’s integration offers several benefits to Capital on Tap, including streamlined onboarding through secure connectivity, smoother funding processes via extensive bank coverage, and enhanced credit decisioning with advanced analytics. These features ensure a more accurate and personalised understanding of each business’s financial health, leading to better service for customers.

This partnership marks a significant advancement in how UK SMEs access and manage their finances. By leveraging Plaid’s technology, Capital on Tap can provide faster, more efficient funding solutions, empowering businesses to grow and succeed.

Capital on Tap CEO Damian Brychcy said, “Prioritising customer experience is at the forefront of everything we do. With Plaid’s integration, we’re able to streamline onboarding and enhance credit decisioning for an even smoother customer journey.”

Plaid head of Europe Brian Dammeir said, “As we look ahead, Capital on Tap is committed to continuing our journey of innovation and customer-centric solutions. We’re focused on empowering UK and US SMEs by building the best business credit card and spend management platform for small businesses.”

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