By Aisling Finn on Monday 2 August 2021
The new funding will help Capital on Tap to expand its small business lending coverage across the US.
Last year many expansion plans were put on hold because of Covid-19, but earlier this year Capital on Tap finally put down roots in the US and has now received a credit injection to help take it to the next level.
Back in March 2021, Capital on Tap revealed that it had officially hopped across the pond to launch Stateside and has seen more than 28,000 SMEs apply for its credit card so far.
The alternative lender has now secured a $100m credit facility from Atalaya Capital Management to help it grow even more.
'We are so excited to ramp up our growth in the US. We have already seen an amazing response from US SMBs and are just getting started. The $100 million facility from Atalaya will help us reach even more US SMBs quicker than we anticipated,” Zoe Newman, US managing director said.
With the fresh funding, Capital on Tap will use it to deepen its involvement in the US as well as grow its US team, currently, only two employees made it to the new US office thanks to Covid-19 restrictions.
“Capital on Tap has built a useful product that has helped thousands of small businesses in the UK meet their funding needs,” James Intermont, principal at Atalaya, added.
“We are excited to support its growth into the U.S. and support Capital on Tap’s underlying small business customers with this credit facility.”
Before launching in the US, Capital on Tap made its first foray abroad into Spain, launching there in June last year.
Since its inception in 2012, Capital on Tap has lent cash to over 100,000 SMEs across the UK, Spain and now the US, access credit to help their businesses grow.
As it stands, more than $3.5bn has been spent by small businesses on Capital on Tap’s credit cards.