Capital on Tap has announced the completion of its third asset-backed securitisation, “London Cards 3,” a £500m funding package backed by its credit card receivables.
The company said the new product was launched to secure scalable, long-term funding at a time when traditional lenders are tightening credit conditions. This allows Capital on Tap to strengthen its support for small businesses, ensuring they can continue accessing credit despite wider market challenges.
Capital on Tap, which provides SMBs with business credit cards, spend management tools and funding solutions, has grown its portfolio to more than 200,000 small business customers across the UK. The firm has positioned itself as an essential partner for entrepreneurs seeking quick and accessible credit options.
The newly announced £500m securitisation provides the business with a deep and flexible source of capital. The structure achieved investment grade ratings across all bonds issued, marking a major milestone for the company and validating the quality of its underlying assets. It will allow Capital on Tap to continue expanding its credit and spend management capabilities for SMBs.
The London Cards 3 transaction also attracted significant institutional demand, highlighting strong investor confidence in the business’ performance and the resilience of its customer base. The new master trust enables more efficient access to capital markets, giving the company greater flexibility in future issuances.
The securitisation was arranged and distributed by a syndicate of global financial players, including BNP Paribas, Citi, Lloyds, Societe Generale and SMBC Group, all serving as Joint Lead Managers.
Capital on Tap CEO Damian Brychcy said, “Small businesses are the backbone of our economy, but there may be times when some face challenges and they need additional sources of support. This record-breaking deal isn’t just a financial milestone; it’s rocket fuel for our mission. Achieving investment grade status from our new master trust proves the resilience of our customers and the strength of our platform. This funding allows us to double down on empowering SMBs with the tools and credit they need to thrive.”
BNP Paribas managing director Ghanem Al-Araj said, “BNP Paribas is delighted to have supported Capital on Tap on its debut master trust issuance, a landmark transaction which represents an important milestone for the company.”
Lloyds MD and head of securitised products group & FI DCM Miray Muminoglu said, “We are proud to have acted as Joint Lead Manager on this landmark transaction which is a major step forward in Capital on Tap’s funding strategy. The financing will provide scalable, long-term access to capital to support its continued growth and support for forward-thinking SMEs across the UK.”
Societe Generale head of UK distribution & credit solutions Florence Coeroli said, “Societe Generale is pleased to have placed London Card 3 with key institutions in what is a milestone for Capital on Tap as well as UK and European markets for a non-bank financial issuer, We look forward to supporting Capital on Tap in its high growth journey to meet the funding and credit needs of UK SMBs.”
Recently, Fintap, a technology-enabled specialty finance company based in Clifton, New Jersey, secured a new credit facility and corporate note worth up to $86.5m.
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