Credit: Bridging & Commercial
Capital on Tap has revealed that it is looking to fund 100,000 UK SMEs by the end of H1 2020.
The small business lender recently surpassed the £1bn funding milestone and has so far financed more than 65,000 SMEs across the UK.
The company — which offers a revolving credit facility and a business Mastercard — provided over £335m in funding in H1 2019.
Capital on Tap is aiming to serve SMEs in remote and isolated regions, with 87% of its customers outside of London.
David Luck, co-founder and CEO at Capital on Tap (pictured above), said: “Our goal for 2019 is to continue being a champion of the underserved.
“In the first half of 2019, of our £335m in funding, £290m went to businesses outside of London.
“A lot of that was in remote and rural areas that aren’t served by bank branches or other lenders.
“…We really want to serve those businesses that don’t have easy access to traditional funding.
“It seems to be working for us, as we should be breaking our second [billion-pound milestone] of lending by this time next year.”
The lender works with a variety of businesses and focuses on supporting companies that are largely underserved by the banks, usually those with revenues under £1m.
“These SMEs often fall by the wayside as banks struggle to underwrite them efficiently and [when] they do offer credit, the limits provided are more in line with a consumer product rather than the funding [the SMEs] actually need to run their business,” David claimed.
Capital on Tap is also looking to expand to other countries.
It recently launched in Spain and has its eyes set on a couple of other countries.