Capital on Tap Secures £750 Million For Growth
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Capital on Tap, a top company that gives credit cards to businesses, has secured £750 million in new funding. This will help it grow and offer better support to small businesses in the UK and the US. The company said this funding will allow it to assist more businesses get the money they need to run smoothly.
According to the update, Capital on Tap has worked with BNP Paribas and Citi to create a £550 million Master Trust facility. This is the first time in almost ten years that a non-bank credit card master trust has been created in Europe. The company said this new setup will help it expand and better serve small business customers.
Capital on Tap Aims To Boost Support For Small Businesses With The New Funds
Damian Brychcy, the leader of Capital on Tap, said this funding is a huge step forward for the company. He added that building Europe’s first non-bank credit card master trust in nearly a decade proves how much the company has grown. He noted that this will help support even more small businesses in the future.
Ghanem Al-Araj, Managing Director at BNP Paribas, said BNP Paribas was pleased to support Capital on Tap in this new deal. He added that this partnership shows how BNP Paribas is committed to helping companies like Capital on Tap grow their lending business for small and medium-sized businesses.
In another deal, Capital on Tap has increased its revolving credit facility with Blue Owl Capital from £100 million to £200 million. The company said this extra funding will help it continue growing in both the UK and US markets. It also stated that this was an important step for its business expansion.
Capital on Tap Plans To Offer Better Services To Young Startups In The UK And The US
Brychcy said securing £750 million in funding shows that investors believe in Capital on Tap’s business model. The new funds will help the company grow even faster and provide better services for small business owners in the UK and the US.
Ivan Zinn, Head of Alternative Credit at Blue Owl, said he was excited about working more with Capital on Tap. He noted that increasing the revolving credit facility would help the company in its mission to support small businesses and help them succeed.
Capital on Tap helps small businesses handle their spending, get funds, and earn rewards like cashback, travel perks, and gift cards. The company said more than 200,000 small businesses have used its credit cards to spend over £10 billion in the UK and the US. It was recently recognized as one of the fastest-growing businesses in Britain and Europe.
BNP Paribas is one of the largest banks in the European Union and a major player in international banking. The company operates in 63 countries and has almost 183,000 employees. It provides services in commercial banking, personal finance, investment, and corporate banking to clients worldwide.
