Capital on Tap has secured a £200m funding facility with JP Morgan and Triple Point to support UK small businesses.
The funding will help small businesses access credit at a time when the UK is anticipating a recession and facing historic inflation rates.
Launched in 2012, Capital on Tap provides an all-in-one small business credit card and expense management platform tailored for small businesses. Recently recognized by the Sunday Times and the Financial Times as one of the fastest growing companies in Britain and Europe respectively, this funding facility will enhance their spectacular growth in the UK. Over 200,000 small business customers have spent £4bn of capital on Tap Business credit cards.
This new funding facility comes just four months after securing a $200 million facility to fuel growth in the United States. Both facilities are vital resources with ambitious expansion plans in place, following Capital on Tap’s impressive annual sales growth of 61.98% over the past 3 years.
Alan Hart, Chief Financial Officer of Capital on Tap, said, “We are delighted to work with JP Morgan, while continuing our long relationship with Triple Point. Their willingness to support our mission of “Making Small Business Easier” recognizes not only the importance of that mission, but also Capital on Tap’s track record of delivery. »
Rob Tanna-Smith, Chief Executive of JP Morgan, said: “We are delighted to be working
with Capital on Tap on this new facility to fund credit card loans to support small businesses
across the UK.
Neil Richards, Partner and Head of Private Credit, Triple Point, said: “We are delighted to continue our long-standing relationship with Capital on Tap by providing this new facility. Having first supported the company in 2014, this installation is further proof of the depth of the relationship we have built with Capital on Tap over the past 8 years. We look forward to supporting them long into the future.