Capital on Tap, a UK-based fintech, recently launched its small business credit card in the US and has seen incredible demand since April with over 28,000 businesses applying for their credit cards so far. .
To help fuel their growth in the United States, Capital on Tap has secured a $ 100 million credit facility from Atalaya Capital Management.
Capital on Tap was launched in 2012 and has supported over 100,000 SMEs in the UK, Spain and now the US. With Capital on Tap, small businesses can focus on what really matters – running their business. Their credit card offers a streamlined onboarding journey, excellent credit limits, employee card management, and a world-class rewards program. Thousands of US businesses have already integrated and made it easier to run their businesses – by managing their expenses more effectively and earning 2% unlimited rewards on all of their business expenses.
Zoe Newman, Managing Director of the United States, commented on the launch: “We are delighted to accelerate our growth in the United States. We have already seen an incredible response from US SMEs and we are just getting started. Atalaya’s $ 100 million installation will help us reach even more US SMEs faster than expected. ‘
The expansion has been particularly difficult where travel between UK and US is currently restricted and the team all worked on the remote launch with only 2 employees currently in the US. These challenges were more manageable with the support of Atalaya – Alan Hart, CFO of Capital on Tap, said: “The Atalaya team were incredibly creative and provided support throughout the launch process. . With onboarding and remote calling, it would have been a lot harder if the team hadn’t been fantastic to work with.
James Intermont, Director of Atalaya, commented: “Capital on Tap has created a useful product that has helped thousands of small businesses in the UK meet their financing needs. We are delighted to support its growth in the United States and to support Capital on Tap’s underlying small business clients with this credit facility.