£1 billion funded to UK SMEs!

By David Luck, CEO

Just a few weeks ago, Capital on Tap hit the incredible milestone of funding over £1,000,000,000 in loans to more than 65,000 UK SMEs. We started Capital on Tap in 2012, with a mission of making it faster and easier for SMEs to obtain working capital. Looking back, I would never have imagined just how many ups and downs there were on the path leading us to where we are today, and I thought that now would be a good opportunity to reflect and share some of the major learnings that got us here.

I still remember the names of the first 20 customers we signed up. In the early days of Capital on Tap, we worked out of a tiny nook of an office in Notting Hill. We were that small SME trying to help other SMEs. There were many difficult lessons learned as we scaled to be one of the biggest non-bank lenders in the country. There were many things we did right, but there were also many things we could have improved upon and, if I could, here is what I would tell my earlier self:

  • Talk to customers more: We underinvested in talking to customers. We really focused on servicing customers, which I hope we’ve done well, but that isn’t the same as talking to them. We didn’t focus on getting out there and talking to our customers face to face. Only when face to face can you really understand the issues your customers are struggling with and how you can help them. We should have been closer to them from Day 1 – it would have saved us a lot of time.
  • Get out early and iterate: We rarely got it right on the first try. It took years of product evolution to figure out how to best serve the SME community. That evolution is ongoing and continues to this day. Don’t expect or strive to get it right on Day 1, better to get something out there and iterate.
  • Go big: We should have swung for the fences more often. Too often we tried something that was 10% or 20% different and got mixed results. All of our biggest wins have been made by making big, ambitious bets (even though some failed!).

While there are many things I wish we had done better, I have never been more optimistic for the future of Capital on Tap. In speaking with a recent customer, I was so happy to hear just how much our product was helping them run their business, and how easy it was to use. These types of conversations with satisfied customers continue to fill me with pride and give me confidence that we are headed on the right path.

Finally, I want to thank our staff, our partners and most importantly, our customers, who have been with us on our journey here. We will continue to execute on our mission of building simple tools for real world businesses to achieve great things.

Do you have feedback on what we can be doing better? We check our feedback inbox on a daily basis at – feedback@capitalontap.com.

Check out our journey:

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We’ve been shortlisted – twice!

Capital on Tap has beaten off tough competition to secure itself a place as a finalist in the Business Growth Enabler and Digital Lender categories of the first ever Growth Finance Awards.

The Growth Finance Awards launched this year in order to celebrate the companies providing “more than finance” to the UK’s growing businesses. It’s the first event of its kind, celebrating the innovative organisations breathing optimism into all regions of the UK by helping ambitious SMEs to scale-up, boost productivity and create new jobs up and down the country.

“It’s an honour to have that hard work be recognised as a finalist in two categories for the Growth Finance Awards” – Damian Brychcy, COO of Capital on Tap

The Business Growth Enabler award celebrates an individual or company within the growth finance industry who has made a demonstrable and widespread impact on SMEs
over the past 12 months.

Commenting on becoming a finalist in this prestigious awards event, “We started Capital on Tap in 2012 to help businesses achieve great things” says COO of Capital on Tap, Damian Brychcy. “It’s an honour to have that hard work be recognised as a finalist in two categories for the Growth Finance Awards, particularly amongst such a great group of other nominees.”

The Digital Lender of the Year award recognises the all-important digital experience, crucial in breaking down the barriers to finance. This award recognises digital innovation that has enhanced the borrower experience, providing information in a frictionless way.

“We’re celebrating 45 companies who are playing a vital role in the UK’s start-up and scale-up up ecosystem” – Guy Tolhurst, Managing Director of Intelligent Partnership

The winner of this award will be announced at an exclusive black-tie dinner hosted by
Claudia Winkleman for 400 guests on Wednesday 11 September at the Royal Lancaster
Hotel, London.

“We launched the Growth Finance Awards in order to recognise the champions of small
business finance. We’re celebrating 45 companies who are playing a vital role in the UK’s
start-up and scale-up up ecosystem, championing and providing finance so that companies can realise their growth ambitions and reach their full potential,” says Guy Tolhurst, Managing Director of Intelligent Partnership, the company behind the awards. He adds: “I look forward to shining a much-needed spotlight on all of these providers on 11 September at the Royal Lancaster Hotel. To reach the finalist stage among such a stand-out set of entrants is a huge achievement.”

Check out growthfinanceawards.com for more information

We’ve made the Tech Track 100… again!

Guess what?

Capital on Tap was featured in the Sunday Times Tech Track 100 for the second year in a row. Of the fastest growing companies within the UK, your very own Cap on Tap is number 44, 4 places up from last year!!

Funding small businesses is something that all of us at Capital on Tap are really passionate about. Every day, the team works hard to make sure our customers get the best out of us. It can be hard for a business to grow and develop when the demand for it is so high. But news like this is very exciting because it means we’re doing something right. Don’t worry, we all had a slice of cake for you to celebrate!

There are so many exciting things that we’re working on that we can’t wait to share with you. Keep yours eyes and ears open over the coming months, better things are coming!

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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

Capital on Tap wins Leading Payments Start-Up Award

October 2017 marked an important step in the history of Capital on Tap as the company went home with the Leading Payments Start-Up award at this year’s Emerging Payments Awards ceremony.

The awards ceremony “recognises and celebrates the best the payments industry has to offer”. Now in its 10th year, the show saw companies from around the globe accept no less than 20 awards at a black-tie reception at The Hilton, Park Lane in London.

Capital on Tap was named Leading Payment Start-Up during the ceremony, CEO David Luck accepting the trophy on behalf of all employees of the Notting Hill-based fintech company. Mr Luck says, “Everyone of us at Capital on Tap has had their part to play in this victory, our hard work and dedication to revolutionise the world of business lending will only be strengthened after tonight’s win”.

The award comes only a few weeks after Capital on Tap entered the Sunday Times Tech Track 100 at number 48 for 2017.