With Marqeta's services, Capital on Tap will be able to offer a €50,000 capital facility for small businesses, along with more transparency and efficiency, the release noted. Customers won't have to go to a bank in person or wait for long amounts of time for responses to capital requests.
Capital on Tap was able to replicate the program it used in the U.K. for its new Spanish expansion, with a few modifications like switching lending criteria and currencies. According to the company, the consistency will ensure that operations will run smoothly on one global platform.
According to Ruben Vidal, Spanish MD for Capital on Tap, the new functions are expected to be a boon for businesses looking to get back on track in the wake of the pandemic, as many countries are beginning to reopen their economies. However, he said he wanted to improve on past conditions, which included long wait times for responses to requests.
“With Marqeta, we’re able to address several of these issues right away," he said. "Our quick and easy processing means SMEs can focus on running their businesses instead of jumping through hoops to secure the funding they need. We expect to issue millions of Euros to Spain’s three million sole traders and small businesses within 2020 and beyond, supporting their plans to reopen, grow and prosper.”
In late May, Marqeta was valued at $4.3 billion after a funding round afforded it another $150 million. The round was led by Coatue, with participation from Vitruvian Partners and others, PYMNTS reported. The company has said it is also backed by Visa, Goldman Sachs, 83North, Granite Ventures and ICONIQ Capital.
Marqeta Founder and CEO Jason Gardner said he sees the company becoming a valuable part of the global financial world, particularly in light of the digital needs following the coronavirus pandemic.