Capital on Tap has secured a £200m funding facility from JP Morgan and investment firm Triple Point to support small businesses in the UK.
The company says the funding will help small businesses access credit at a time when the UK is anticipating a recession and facing historic inflation rates.
The company previously secured a $200 million funding facility from HSBC and alternative investment firm Värde Partners in April to support its US expansion.
Capital on Tap’s chief financial officer, Alan Hart, said the backing of multinational banking and investment company JP Morgan, and the continued support of Triple Point, underscores the importance of its goal of providing access to credit to small businesses. companies.
Launched in 2012, Capital on Tap provides an all-in-one credit card and expense management platform tailored for small businesses.
The company has seen annual sales growth of 62% over the past three years, with 200,000 small business customers spending £4bn using the company’s credit cards.
Triple Point manages over £2.7bn of private, institutional and public capital, targeting investments in infrastructure, energy efficiency and social housing.