By Daniel Lanyon on Thursday 25 August 2022
This new funding facility comes just four months after securing a $200m facility to power growth in the US.
Capital on Tap, has secured a £200m funding facility from JP Morgan and Triple Point.
The London-based SME lender offers a business credit card and spend management platform to business customers.
Capital on Tap was founded in 2012 and has already landed a $200m facility to power its growth in the US in April.
Last year, it scored £450m funding from Atalaya Capital Management, BNP Paribas and also from HSBC for its UK operations bringing its total haul in the past year so to close to $1bn.
It has already provided access to over £4bn of funding for more than 200,000 small businesses across the UK and US, much of this coming in the past few years, seeing 61.98 per cent annual sales growth over the last 3 years.
While JP Morgan has not previously been a funding partner to the lender, Triplepoint has backed the business since 201.
“We are thrilled to be working with JP Morgan, whilst continuing our long relationship with Triple Point. Their willingness to support our mission of “Making the Lives of Small Businesses Easier” not only recognises the importance of this mission but also Capital on Tap’s track record of delivering,” said Alan Hart, chief financial officer at Capital on Tap.
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