Capital on Tap bags £450m to fund its lending in the UK

UK-based lender Capital on Tap has secured a £450m funding facility to help fuel its growth in the UK.

Capital on Tap raised the funding from Atalaya Capital Management, BNP Paribas and HSBC.

“We are extremely pleased to be working with Atalaya, BNP Paribas and HSBC, who with the provision of this funding facility will enable Capital on Tap to support a greater number of SME’s who are overcoming the economic effects of Covid-19,” Alan Hart, CFO of Capital on Tap, said. 

“Working remotely whilst reaching agreement on the facility created its own challenges, which we would not have conquered swiftly without the hard work and dedication on all sides.”

Founded in 2012, Capital on Tap has provided more than £3.5bn of funding to SMEs across the UK and, since March 2021, SMEs in the US too.

“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 their continued growth in the UK and Capital on Tap’s underlying small business customers with this credit facility.”

The alternative lender also recently bagged a $100m credit facility, again from Atalaya Capital Management, to help it spur on its American lending.

Capital on Tap has consistently been at the forefront of alternative lending, with the fintech making it onto the Financial Times’ list of the UK’s fastest-growing fintechs.