Capital on Tap Secures £750M Funding Boost to Enhance SME Credit Services
Capital on Tap has recently announced a significant milestone in its growth journey by securing two substantial funding facilities totaling £750 million. This investment aims to bolster the company’s efforts to enhance financial services for small businesses in both the UK and US markets.
Major Funding Facilities for Expansion
The first major component of this funding involves a groundbreaking £550 million Master Trust facility established in partnership with BNP Paribas and Citi. This facility marks a historic moment as it is the first non-bank credit card master trust set up in Europe since 2015. Such an innovative structure is anticipated to significantly enhance Capital on Tap’s ability to scale its lending operations, thereby providing improved funding access for small businesses.
CEO’s Insight on the New Developments
Damian Brychcy, the CEO of Capital on Tap, expressed his enthusiasm, stating, “This is a game-changing moment for Capital on Tap. Creating Europe’s first non-bank credit card master trust in nearly a decade showcases the scale we have built and opens up exciting possibilities for supporting even more small businesses.”
Support from Financial Partners
Ghanem Al-Araj, Managing Director at BNP Paribas, also highlighted the significance of this partnership, saying, “BNP Paribas is pleased to have supported Capital on Tap in establishing the master trust transaction. This ongoing partnership showcases our commitment to supporting innovative companies like Capital on Tap as they continue to grow their lending business in the SME sector.”
Additional Credit Facility for Growth
In a separate but equally important transaction, Capital on Tap has expanded its corporate revolving credit facility with Blue Owl from £100 million to £200 million. This increase will provide further support for the company’s expanding operations in both the UK and US markets, reaffirming its dedication to fostering small business growth.
Significant Vote of Confidence
Brychcy further stated, “Securing £750 million in total funding is a clear vote of confidence in our business model and future plans. With both facilities in place, we’re perfectly positioned to accelerate our growth and deliver even more value to small business owners on both sides of the Atlantic.”
Impact on Small Businesses
Since its inception, Capital on Tap has been instrumental in supporting over 200,000 small businesses, facilitating more than £10 billion in spending through its business credit cards in the UK and US. This substantial funding is expected to further enhance its capabilities in providing financial services tailored for small enterprises.
For more information on how Capital on Tap is reshaping financial services for small businesses, visit their official website.
