Global FinTech Capital on Tap has secured a $110 million corporate revolving credit facility and said it will use the funding to build a central finance hub that will help small businesses in the United States and the United Kingdom manage all aspects of their business finances.
Already providing an all-in-one business credit card and spend management platform, Capital on Tap will now work to add a full accounts payable (AP) suite, a credit score builder and several other products and features for small business owners, Capital on Tap said Thursday (Oct. 20) in a press release.
“We continue to see small businesses overlooked and underserved by many incumbent banks,” Capital on Tap Co-Founder and CEO David Luck said in the release. “We want to build a simple, seamless finance platform for small business owners.”
The new products and services will join the company’s existing platform that already provides small business owners with instant access to funds, flexible repayment options, accounting integrations, 1.5% cashback and employee cards, according to the press release.
Capital on Tap has provided $5 billion of funding to 200,000 small businesses since its launch in 2012 and has gained 14,000 business credit card holders since launching its U.S. business in 2021, the release stated.
Atalaya Capital Management provided Capital on Tap with the new corporate revolving credit facility and participated in two funding facilities last year.
“Capital on Tap’s impressive growth has positive implications for the prosperity of small business owners in the U.S. and U.K.,” Atalaya Capital Management Managing Director James Intermont said in the release. “We’re thrilled to expand our relationship with Capital on Tap via their first revolving credit facility to support this critical segment of the business population.”
The announcement comes about a month after Capital on Tap added virtual cards to the services provided through its platform.
Read more: Capital on Tap Adds Virtual Cards to Small Business Platform
Most applicants for these new Capital on Tap Business Credit Cards will get a credit decision within 24 hours, and most approved applicants will have access to the cards immediately.
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