Aiming to help small UK businesses gain access credit during the anticipated recession and whilst inflation rates sore, Capital on Tap has secured a £200m funding facility with JP Morgan and Triple Point to help with the nationwide support.
Capital on Tap, launched in 2012 will provide an all-in-one credit card designed for small businesses as well as a sophisticated spend management platform tailored to those in need. The Sunday Times and the Financial Times have both recognised Capital on Tap as one of Britain and Europe’s fastest-growing businesses. Currently, 200,000 plus small business customers have spent £4 billion on their Capital on Tap Business Credit Cards.
This new funding facility comes just four months after securing a $200m facility to power growth in the US. Both facilities are vital resources with ambitious expansion plans in place, following Capital on Tap’s impressive 61.98% annual sales growth over the last 3 years.
Alan Hart, CFO, Capital on Tap, commented: “We are thrilled to be working with JP Morgan, whilst continuing our long relationship with Triple Point. Their willingness to support our mission of “Making the Lives of Small Businesses Easier” not only recognises the importance of this mission but also Capital on Tap’s track record of delivering.”
Rob Tanna-Smith, Executive Director, at J.P. Morgan said, “We are pleased to be working with Capital on Tap on this new facility to fund credit card lending to support small businesses throughout the UK.”
Neil Richards, Partner and Head of Private Credit, Triple Point said: “We are delighted to continue our longstanding relationship with Capital on Tap by providing this new facility. Having first supported the business in 2014, this facility is further evidence of the depth of relationship we have built with Capital on Tap over the last 8 years. We look forward to supporting them long into the future.”
About Capital on Tap
Capital on Tap makes it easy for small businesses to manage their business spending, access funding, and earn cash back, travel, and gift card rewards. Over 200,000 small businesses have spent £4 billion on their Capital on Tap Business Credit Cards across the US and UK.
About Triple Point
Triple Point is the place where people, purpose, and profit meet. Since 2004, we’ve been targeting this Triple Point in areas like infrastructure, energy efficiency and social housing, unlocking investment opportunities that make a difference. We manage over £2.7 billion of private, institutional and public capital across five distinct investment strategies: Social Housing, Energy, Digital Infrastructure, Private Credit, and Venture. Each of these strategies helps to solve a problem society faces, and each one creates opportunities for investors. Our investments transform public services, get businesses off the ground, and even kickstart whole markets.
