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 funds managed by Blue Owl Capital (“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,” 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.”
Ivan Zinn, Head of Alternative Credit at Blue Owl, 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.”
Capital on Tap makes it easy for small businesses to manage their business spending, access funding, and earn cash back, travel, and gift card rewards. Over 200,000 small businesses have spent more than £10 billion on Capital on Tap Business Credit Cards across the US and UK. They were recently recognised by The Sunday Times and the Financial Times as one of Britain and Europe’s fastest-growing businesses, respectively.
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 63 countries and has nearly 183,000 employees, including more than 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
