Capital on Tap, a UK based fintech, has secured a £450m funding facility with Atalaya Capital Management, BNP Paribas, and HSBC to support their continued UK growth.
Capital on Tap launched in 2012 and has provided over £3.5bn of funding to more than 125,000 small businesses across the UK and since March 2021, across the US. Recognised by Forbes last year as one of the UK’s fastest growing businesses, this new investment offers Capital on Tap the opportunity to bolster its impressive expansion. Capital on Tap provides business credit cards with leading employee spending controls, reporting, and rewards.
Alan Hart, CFO, commented “We are extremely pleased to be working with Atalaya, BNP Paribas and HSBC, who with the provision of this funding facility will enable Capital on Tap to support a greater number of SME’s who are overcoming the economic effects of COVID-19. Working remotely whilst reaching agreement on the facility created its own challenges, which we would not have conquered swiftly without the hard work and dedication on all sides.”
James Intermont, a Principal at Atalaya, commented “Capital on Tap has built a useful product that has helped thousands of small businesses in the UK meet their funding needs. We are excited to support their continued growth in the UK and Capital on Tap’s underlying small business customers with this credit facility.”
Julien Terrettaz, Vice President at BNP Paribas, commented “Supporting fast-growing fintechs like Capital on Tap is core to our strategy. We are excited to see their continued growth and we look forward to building on this relationship in the future.”
Capital on Tap is a privately held, financial technology company that provides funding to small and medium-sized businesses in the UK and US. Founded in 2012, Capital on Tap is headquartered in London and has provided over £3.5bn of funding to UK businesses. For more information visit www.capitalontap.com
Atalaya Capital Management is a privately held, SEC-registered, alternative investment advisory firm. Atalaya primarily focuses on making private credit and special opportunities investments in three principal asset classes – specialty finance, real estate, and corporate. Founded in 2006, Atalaya is headquartered in New York City and has approximately $6 billion in assets under management. For more information visit www.atalayacap.com
HSBC Bank plc and its subsidiaries form a group providing a range of banking products and services. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. As at the date of this [press release], the HSBC Group serves customers worldwide across 64 countries and territories. With assets of $2,976 billion at 30 June 2021, HSBC is one of the world’s largest banking and financial services organisations.