David Luck/Capital on Tap.
Capital on Tap secures £100m funding
The new facility comes just two months after it secured a £200m funding facility with JP Morgan and Triple Point.
Capital on Tap has secured its first-ever general purpose corporate facility at £100m.
The large cash injection comes from Atalaya Capital Management and will be used to build a central hub designed to help small businesses in both the UK and US to manage all aspects of business finance.
The London-based SME lender has provided more than £4bn of funding to more than 200,000 small businesses since launching ten years ago.
Since launching its US businesses last year, it has already amassed more than 14,000 Capital on Tap business credit card holders.
With the funding, which comes just two months after it secured a £200m funding facility with JP Morgan and Triple Point, the company will build out its central finance hub for small business owners, including a full accounts payable.
“We want to build a simple, seamless finance platform for small business owners.”
The new suite of products will include a credit score builder to help new companies establish business credit, as well as other products and features to help small business owners from day one.
Originally backed by three early angel investors, Capital on Tap reached profitability in 2017, and closed two funding facilities with Atalaya in 2021.
“We are extremely pleased to have agreed this facility, which will allow us to better serve our small business customers with the spend management tools and flexible funding they need to grow,” Capital on Tap CFO Alan Hart said.
“Moreover, it is fantastic that we have broadened our relationship with Atalaya to include a general purpose corporate facility.”