By Oliver Smith on Tuesday 30 June 2020
Up to €50,000 of working capital will be available through Capital on Tap's business credit card.
UK alternative lender Capital on Tap is heading to Spain with the launch of its business credit card, powered by card issuer Marqeta.
Spain is Capital on Tap’s first international market outside of the UK, where it has extended £1.5bn in credit to over 100,000 SMEs.
For Spain, Capital on Tap will be offering working capital of up to €50,000 through its credit card which can be accessed through an entirely digital sign-up process.
“As the world begins easing COVID-19 restrictions, SMEs will be looking for accessible funding to help them get back up and running again,” said Ruben Vidal, the Spanish MD for Capital on Tap.
“But to date, businesses globally have faced several issues trying to access working capital from state-backed schemes, while banks are taking longer to respond and are more reluctant to lend. As a result, SMEs have been unable to access useful lines of credit focused on their needs."
Vidal, the former chief risk officer at Spain’s EVO Banco, said Capital on Tap expected to issue “millions of Euros” to Spanish SMEs in 2020.
In the UK Capital on Tap became a Coronavirus Business Interruption Loan Scheme accredited lender in May and has been offering a CBILS-backed overdraft ever since.
The alternative lender also poached Monzo’s Tim Trailor as its new chief risk officer that same month, with Trailor leading Capital on Tap’s credit processes for the UK and global risk strategy for Spain.