In the news: Our goals for 2020

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.

READ: £1 billion funded to UK SMEs!

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Appy Days for Android users!

After months of development and testing, we’re over the moon to announce that the full version of our Mobile App for Android is now available to download from the Google Play store!

Over 300 customers were involved in testing a BETA version of the App which was released in June. We can’t thank them enough for their feedback as we continued working on developing the real thing for our wider customer-base of Android users – and now it’s here!

Got any App-related feedback or suggestions? We’re all ears! Let us know by emailing feedback@capitalontap.com.

But what about iOS, I hear you cry?

Fear not – our Mobile App for Apple iPhone’s is coming along nicely and should be available in the next month or so. Watch this space…

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Onwards & Upwards with Marqeta

We are delighted to announce a partnership with Marqeta – the leading global card issuing platform. The new partnership will see Marqeta enhance our offering to new and existing customers through advanced infrastructure and a new, Marqeta-powered payment card.

“They showed an intuitive understanding in how they could support our mission to help small businesses thrive through better access to working capital.” 

David Luck, co-founder and CEO of Capital on Tap, has spoken of his delight to partner with Marqeta’s ‘Best-In-Class Card Issuing Platform’. “We’re excited to partner with Marqeta. We loved the transparency and simplicity of their technology and how future focused and innovative their open-API platform is. We felt a really close DNA fit with them and how they’re looking to constantly evolve and build on their tech.”

Marqeta’s technology allows their partners to access actionable, real-time transaction data to drive program improvements. Their platform is designed for innovators who want a simplified way of managing payment programs so that they can create world-class experiences and power new modes of commerce.

“Capital on Tap have shown themselves to be true innovators in the UK fintech space, taking an underserved market like credit for small businesses and building a product that can make a real difference for their customers,” said Ian Johnson, Head of European Growth at Marqeta.

“They’re the very example of a European fintech innovator that the Marqeta platform was designed to empower, providing an agile and scalable platform that allows them to focus on what they do best, creating a top shelf product with a memorable user experience.”

Founded in Oakland, California in 2010, the Marqeta platform is used by the world’s leading innovators to drive new modes of commerce through modern card issuing. Marqeta’s European Digital Banking solution supports instantly issued virtual cards and offers advanced spend controls to engage users and grow card use.

As we close-in on supplying £1 billion in funding to UK SME’s, this partnership is just another example of our commitment to providing our customers with the latest, most efficient and reliable technology to help supercharge their businesses.

Contactless is changing

New regulations are coming into effect that will affect all Contactless transactions (not just the ones you make using our card!).

These changes are being introduced right across the EU and will limit how many consecutive Contactless transactions you can make before you will need to make a Chip & PIN transaction in order for Contactless to work again.

Contactless will be disabled after 5 consecutive Contactless transactions or £150 of Contactless spend, whichever comes first.

At this point, you will need to complete the transaction using Chip & PIN, which will then automatically re-enable Contactless for next time.

So, if your card declines when you trying to perform a contactless transaction – don’t panic! Just try it again as a Chip & PIN transaction.

Forgotten your PIN?
Click here to view your PIN from the Cards tab of your online account.

If you have additional cardholders on your account…
It may be worth letting them know about the changes that are coming into effect.

If you don’t have additional cardholders on your account…
Keep all your business expenses in one place – Get up to 10 cards for free for your employees and partners! Click here to order your free supplementary cards.

Capital on Tap x Receipt Bank

We have partnered with accounting software providers Receipt Bank to offer its customers the new Receipt Bank card, giving businesses greater control and visibility of spending.

The partnership combines our technology with Receipt Bank’s software that automates the collection and data extraction of receipts and invoices. Businesses can track all their business spending in one place, issue multiple cards for employees and add spend limits to each. The integration with Xero enables accountants to seamlessly reconcile transactions from the Receipt Bank platform in one click.

This functionality is particularly useful in light of the government’s ‘Making Tax Digital’ initiative as it facilitates tracking receipts and applying the correct VAT codes so that businesses can claim as much back at the end of the financial year as possible.

Additionally, customers can say goodbye to expensive bank card fees and hello to reward points. One accountant who uses the facility noticed that his client would save £1,400 if they switched to the Receipt Bank card, through the lack of FX fees and cashback!

“This partnership is really exciting for Capital on Tap as it integrates our platform with Receipt Bank’s software making the process of expensing items much more efficient and straightforward,” explains Zoe Newman, Head of Partnerships at Capital on Tap.

Customers will be able to apply for the card, which provides access to credit of up to £50,000 for business expenses, via Receipt Bank’s website. They will also have the opportunity to benefit from up to 56 days interest-free credit with longer repayment terms and 0.5% cashback.

“Our aim at Receipt Bank is to revolutionise accounting for businesses and we feel the launch of the Receipt Bank card really enhances this and offers our customers something new. It will enable the businesses we work with to really streamline their expenses processes,” comments Ben Martin, Director of Adoption at Receipt Bank.

 

Your online portal just got better!

We have made some great improvements to your online portal experience!
Last month our engineers and product designers, have worked hard to redesign the look and feel of the Cards page and the Premium page on your online portal.

As our customer experience is at the forefront of our major decisions here at Capital on Tap, we have made it easier than ever before to manage your cards for your business and take the wise leap to upgrade to premium.

New Cards Page

The ability to effortlessly manage your business cards is an essential feature to enable customers to self serve. We changed the layout to make it easier to see how you can view your pin, and to report your card lost or stolen. The sleek new look is designed to give your business a helping hand when managing your cards.

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New Premium Page

With the aim to enable customers to earn uncapped 0.5% cashback on all card purchases by earning points every time they spend, the new card page has been redesigned to better aid customers in managing their cash back redemption.
While the new page allows users to view how much points they have accumulated,and convert these points into cash, its also enables users to join or leave the program at any given time with just one click.

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Stay tuned for our next customer portal update!

-Ade Odubajo

Capital on Tap Secures £140 Million in Funding

London, UK 13 August 2018 – Capital on Tap, one of the UK’s fastest growing companies, has secured a total of £140 million in additional funding in the form of £90 million in debt funding from London-based investment houses, M&G Investments and Triple Point Investment Management LLP; and a further £50 million debt line from international bank, Citi and private equity and credit fund manager Pollen Street Capital, through P2P Global Investments PLC a quoted investment trust that Pollen Street Capital manages.  Capital on Tap is not publicly disclosing its valuation, but it has raised £30 million of equity and £200 million of debt to date.

“We continue to see small businesses being underserved by retail banks, and we are trying to solve that issue.” – David Luck, CEO of Capital on Tap

Since its launch in 2012, Capital on Tap has competed with the offering of major banks, by offering small businesses a faster and more transparent way to fund their business. Capital on Tap has already provided over £500 million in funding to more than 40,000 small businesses across the UK. It plans to use the additional financing it has received to accelerate growth in the UK, enabling it to serve more small businesses. “We continue to see small businesses being underserved by retail banks, and we are trying to solve that issue. At Capital on Tap we support thousands of small businesses by giving them up to £50,000 in minutes,” says David Luck CEO of Capital on Tap.

This additional funding represents another important step in the ongoing growth story of Capital on Tap. Capital on Tap was featured on the Sunday Time Tech Track 100 for 2017, cataloguing the 100 fastest growing companies in the UK.

Alan Hart, On Tap’s CFO, said: “Our funding facilities are specifically designed to help small businesses that have been in our view underserved high street banks. These funding facilities build upon existing relationships with great funding partners and bring new partners into the fold.”

James Pearce, head of direct lending, M&G Investments, commented: “Small businesses across the country are the lifeblood of our economy. It is essential for businesses of all sizes to have access to credit facilities in a timely manner in order to grow and to manage cashflow. This deal brings much needed cashflow to small businesses whilst benefiting our pension fund clients.”

Neil Richards, investment manager, Triple Point Investment Management LLP, commented “As a long-standing provider of finance to the UK SME sector, Triple Point is delighted to support Capital on Tap with this increased facility. We recognise the critical part that the SME sector plays in the UK economy and as innovative operators continue to fill the gaps left by traditional funders, we have expanded our own team to identify opportunities like this one to deploy our private capital.”

Abror Ismailov, Partner at Pollen Street Capital said, “Pollen Street seeks to partner only with the most innovative businesses, who target underserved market opportunities and who show the potential to grow and to expand their market share. In Capital on Tap we see a robust business model with the potential to access underserved SMEs across Europe. We’re excited to be involved and to work with David and the Team.”

Capital on Tap was advised by EY and Norton Rose in securing its additional funding.

About Capital on Tap

Founded in 2012, Capital on Tap is on a mission to help small businesses thrive. The company believes small business owners are the foundation for growth in the economy. Capital on Tap has partnered with over 40,000 small businesses across the UK deploying funding facilities of over £500 million to customers ranging from freelance designers to pub owners to solicitors. For more information, please visit www.capitalontap.com.

About Pollen Street Capital

Pollen Street is a global, independent alternative asset investment management company focused on financial and business services, which brings together a team of highly seasoned specialists with extensive experience in the UK, US and Europe. Pollen Street works closely with entrepreneurial management teams who share our values and whose businesses have strong growth potential. Changes in the focus of large incumbent players, together with the implementation of new models that make the best use of data, analytics and technology, provide exciting opportunities for our partners to pioneer and innovate. Pollen Street has a long track record of supporting these successful models as they expand and grow.

Check out our article in the Telegraph:   https://www.telegraph.co.uk/business/2018/08/12/capital-tap-gains-140m-funding-boost-growth/

Check out our article in Forbes:   https://www.forbes.com/sites/joewalleneurope/2018/08/16/can-a-british-funding-firm-solve-financing-problems-for-european-smes/#3d01d033c65c