Capital On Tap is hoping to attract over 10,000 small American businesses in its first year.
Alternative lender Capital On Tap has hopped across the pond, choosing the US as its second international destination.
The B2B lender will provide much-needed financial support for SMEs across America, offering its business credit card to firms as of today.
To help with its launch stateside, Capital On Tap has teamed up with WebBank, which will both issue and provide the lending required to launch the fintech’s cards.
Zoe Newman, head of international expansion at Capital On Tap, said: “The team worked tirelessly to get the product prepared for launch. Covid-19 and the subsequent economic downturn have meant challenging times for SMBs and the Capital on Tap business credit card will provide access to crucial working capital and also a range of features built just for SMBs.
“We’re looking forward to the partnership with WebBank and bringing the Capital On Tap business credit card to the US market and serving local SMBs, providing business owners and their employees with new levels of control over funds for growth and business development in addition to supporting cash flow.”
Capital On Tap’s standard US product will have one per cent cashback on all purchases, no foreign exchange fees, while its premium package will offer two per cent cashback and cost $199 per year.
Jason Lloyd, President at WebBank, said: “At WebBank, we partner with strategic platforms that are developing innovative technologies to make financial services more accessible.”
“Capital On Tap has proven itself as a visionary platform. Their relentless focus on empowering small business owners makes them an ideal partner.”
Capital On Tap hopes to support more than 10,000 in its first year in the states and both its free and premium services will offer up to $50,000 to support small businesses.
As well as international launches, Capital On Tap was also today named one of Financial Times’ fastest-growing European companies.