Source: Capital on Tap
Capital on Tap, a UK-based fintech, recently launched their small business credit card into the United States and has seen incredible demand since April with over 28,000 businesses applying for their credit card so far.
To help fuel their US growth, Capital on Tap has secured a $100 million credit facility from Atalaya Capital Management.
Capital on Tap launched in 2012 and has supported over 100,000 SMBs across the UK, Spain, and now the US. With Capital on Tap, small businesses can focus on what really matters - running their business. Their credit card provides a streamlined onboarding journey, great credit limits, employee card management, and a best in class rewards program. Thousands of US businesses have already onboarded and made it easier to run their business - managing their spend more effectively and earning unlimited 2% rewards on all their business expenses.
Zoe Newman, US Managing Director, commented on the launch 'We are so excited to ramp up our growth in the US. We have already seen an amazing response from US SMBs and are just getting started. The $100 million facility from Atalaya will help us reach even more US SMBs quicker than we anticipated.'
The expansion has been particularly challenging where UK - US travel is currently restricted and the team have all been working on the launch completely remotely with just 2 employees currently in the US. These challenges were more manageable with the support of Atalaya - Alan Hart, Capital on Tap CFO said 'The team at Atalaya have been incredibly creative and supportive through the launch process. With onboarding and calls all being remote, it would have been a lot more difficult were the team not fantastic to work with.'
James Intermont, a Principal at Atalaya, commented “Capital on Tap has built a useful product that has helped thousands of small businesses in the UK meet their funding needs. We are excited to support its growth into the U.S. and support Capital on Tap’s underlying small business customers with this credit facility.”