London-based Capital on Tap, a credit card and spend management platform for small businesses, announced on Wednesday that it has secured a £200M (approximately €236M) funding facility from JP Morgan and Triple Point.
The company says the funding will help small businesses access credit when the UK is anticipating a recession and facing historical inflation rates.
Alan Hart, CFO of Capital on Tap, says, “We are thrilled to be working with JP Morgan while continuing our long relationship with Triple Point. Their willingness to support our mission of ‘Making the Lives of Small Businesses Easier’ recognises the importance of this mission and Capital on Tap’s track record of delivering.”
The announcement comes four months after the compnay secured a $200M (approximately €199.8M) funding facility from HSBC and Värde Partners to support their continued US growth. In addition, the company made Atlanta its American home when it launched its Business Credit Card in March 2021.
Rob Tanna-Smith, Executive Director at J.P. Morgan, says, “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.”
Capital on Tap: What you need to know
Founded in 2012, Capital on Tap is a privately held financial technology company that provides funds to small and medium-sized businesses in the UK and US.
The UK company has provided access to over £4B (approximately €4.7B) of financing for over 200,000 small and medium-sized businesses across the UK and US.
Capital on Tap has core offices in London, Atlanta, and Cardiff.
Triple Point: What you need to know
Triple Point manages over £2.7B (approximately €3.1B) 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.
Neil Richards, Partner and Head of Private Credit at Triple Point, says, “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 eight years. We look forward to supporting them long into the future.”
