Capital on Tap, a leading fintech business credit card provider, has secured two major funding facilities totalling £750 million to fuel its expansion and enhance support for small businesses in the UK and US markets.
Groundbreaking Master Trust Facility
Capital on Tap has established a £550 million Master Trust facility with BNP Paribas and Citi, marking the first non-bank credit card master trust created in Europe since 2015. This innovative structure will significantly enhance the company’s ability to scale operations and support small business customers.
“This is a game-changing moment for Capital on Tap,” said Damian Brychcy, CEO at Capital on Tap. “Creating Europe’s first non-bank credit card master trust in nearly a decade showcases the scale we have built and opens up exciting possibilities for supporting even more small businesses.”
Ghanem Al-Araj, Managing Director at BNP Paribas, commented: “BNP Paribas is pleased to have supported Capital on Tap in establishing the master trust transaction. This ongoing partnership showcases our commitment to support innovative companies like Capital on Tap to continue growing their lending business in the SME sector”
Doubled Corporate Revolving Facility
In a separate transaction, Capital on Tap has doubled its existing revolving credit facility with Blue Owl from £100 million to £200 million. This expanded facility will support the company’s operations across both the UK and US markets.
“Securing £750 million in total funding is a clear vote of confidence in our business model and future plans,” said Brychcy. “With both facilities in place, we’re perfectly positioned to accelerate our growth and deliver even more value to small business owners on both sides of the Atlantic.”
James Intermont, Managing Director at Blue Owl Capital, commented, “We’re excited to grow our relationship with Capital on Tap with this increase in the revolving credit facility to support their mission of helping small businesses thrive in the UK and the US.”
Read the orginal article: https://ffnews.com/newsarticle/funding/capital-on-tap-secures-750-million-in-landmark-funding-facilities-to-accelerate-small-business-growth/
