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.

The Capital on Tap Business Rewards Card

Capital on Tap is now offering a Business Rewards Card!  Why sign up? Our Business Rewards Card is built to help take pressure off your business cashflow. With interest rates as low as 0.79% per month, you can get up to £25,000 to help grow your business today with the added benefits of earning rewards as you spend!

We give you 1% cashback on all your purchases with no restriction or caps. Every £1 you spend using your Capital on Tap Business Rewards Card is turned into 1 reward point. 100 points give you £1 cashback – You can use your Rewards towards your monthly payments or transfer the cash directly into your bank account (administrative fee may apply for cash transfer).

  • Join a community of UK Small Businesses – We have already helped over 25,000 businesses and approve a new business for funding every 4 minutes.
  • Get a card now – Our online application only takes 2 minutes. Get your credit limit within 1 hour of applying and your Capital on Tap Business Rewards Card is delivered within 3 business days. 80% of our approved customers receive a response within 1 minute!
  • Earn Rewards as you spend – Capital on Tap offers 1% cashback on card purchases and up to 37 days interest-free if you pay your balance in full each month.
  • Unrivalled customer service – We are the #1 Rated Business Lender in the UK. Find out why on http://www.trustpilot.co.uk/review/capitalontap.com

Checking your eligibility does not affect your credit score. Apply now and grow your business today!

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A week of not just work: dogs, pool and data

Imagine working in a place where everyone is friendly and equal. Where hard work and determination is perfectly balanced with fun and jubilance. Where everyday you are greeted by two lovable dogs. Where every lunch time becomes a mini pool tournament. A place where anything goes.

Welcome to Capital on Tap.

Despite the 6am wake up, the long hours (compared to school) and the jam packed London commuting, Capital on Tap made my work experience interesting and enjoyable. Spending time here has actually put me at ease as to how painful work life would be. Obviously, I wasn’t doing near the amount of work that everyone else was but I was being given a taster of some of the work, like data spreadsheets, which once you complete gives you a total feeling of satisfaction.

The first few days of me being at Capital on Tap involved me shaking hands and being introduced to all the departments and how they work, the different objectives and roles. HR are the eyes and ears of everyone and everything that happens in the company. Business Intelligence was the most complicated to get my head around as they deal with big numbers and have fancy words for those numbers. Sales was full of character and laughs as well as total commitment to getting the work done.

Soon after was Operations, which is the customer service and enquiry platform and was the easiest to understand. Despite the amount of work they have to do they somehow make it look so effortless. Next was IT. IT are the behind the scenes of Capital on Tap; without their intelligent and efficient platforms, the company wouldn’t be able to cope. Wholesales – the voices who get big deals.

Underwriting are those who determine which applicants are approved, and the department I found most interesting. And last but not least was Collections. The most self explanatory department of them all, the money collectors. Senior management also shared the future plans and revelations the company is yet to pursue.

Capital on Tap is welcoming and relaxed, but is also hard working and doesn’t give up easily. Each of the departments have their own special uniqueness that allows the company to excel. The company’s dynamic ways are what makes it so appealing and enjoyable and I am very grateful that for my work experience I had the opportunity to spend it somewhere I felt comfortable.

Thank you Capital on Tap!

Are you interested in experiencing the same?

Join us!

3 (HUGE) reasons to join a start-up

There are pros and cons to any job, be it salary, company benefits or working hours. Start-ups seem to ask their employees to make a few sacrifices (they can’t necessarily offer the same wages or benefits as their bigger, older competitors), but they make up for it in many ways. Here are three (huge) reasons to join a start-up.

They will give you a chance.

We have all uttered the words “how can I get experience if no company will give me a chance?” Most start-ups will give you that chance for the simple reason that you are  exactly where they are – trying to build yourself up from scratch. Where bigger companies might reject your application based on required experience or skills, start-ups can see beyond this. What transferable skills do you have? You worked in retail to pay for your studies, that means you probably can multitask, have excellent people skills and a lot of patience. You were a writer for the school paper? Your language skills and creativity could be great for marketing.

You will learn a lot in very little time.

One of the best things about a start-up is how easy it can be to try out new things. Within my first week at Capital on Tap I had spent time in multiple departments, and a couple of years later I had learnt learnt to pitch a sale, study risk exposure, read financial accounts, create process flows and even some coding! I am not an expert in all of these fields, but I know a lot more than I thought I ever would. All these skills add up to wider experience than doing the same job in a bigger corporation. Plus, there is no greater way to end a day than with the feeling of having learnt something new, right?

The atmosphere.

One thing that start-ups understand well is how important it is to love where you work. Forget the Monday to Friday obligatory suit and tie and say hello to being who you are. A company is only as good as the people it employs, and start-ups have learnt to let their staff celebrate their individuality. Most dress codes stop at smart casual with an emphasis on the casual for most of the time, and offices are usually packed with benefits rarely found elsewhere: sports equipment, celebratory drinks, pets, sofas, video games and anything you may wish to have at hand after a stressful morning.

There are many businesses out there, but not all of them offer the same opportunities. It’s all about finding what will keep you going back to work every day.

The best way to find out if it is the right fit for you is to see it in action – why not have a look at our current open positions?

Join us!

Meet Scott from our BI Team!

Scott Thaxton, aka Thaxo, makes up half of our Business Intelligence Team. He spends his days performing deep dive analysis and brainstorming marketing strategies.

Thaxo! We all know you love a good spreadsheet. Have you always had your head buried in data?

Actually, I studied International Business at Nottingham Trent University (shout out!). And growing up I wanted to be a professional football or cricket player. I’ve always been good with numbers though, so it makes sense that I’ve ended up here.

And how exactly did you get here?

Well, I started off at Capital on Tap in the Operations Team as my first real job out of university. After a year or so I was given a project working with Shane (Head of BI) tracking our direct marketing campaigns. That’s where I got my first taste of data analysis. When Shane looked to expand his team I immediately expressed interest and the rest is history!

So what do you spend your days doing now?

It’s something different every day, but always working with data and using excel. I also get to look at everything from a high level rather than focus on one aspect of the business, which I love!

What is one thing that people probably don’t know about you?

This might be bragging a bit, but at one point I was a semi-professional footballer. I actually played in the FA Cup in the extra preliminary round.

You kept that one quiet! I’m guessing a football is something you would want if you were stranded on a desert island then?

I would definitely need a ball to kick or throw. Along with Football Manager (great game) and probably something a bit more practical like a knife.

And the soundtrack to your life that would keep you going?

Absolutely Fatboy Slim’s ‘Right Here, Right Now.’ Any time I need to get pumped before a match that is my go to jam.

Ok, let’s get off the island for a bit. It’s Saturday morning, what’s the first thing you do when you wake-up?

If it’s summer, I can guarantee that I would be packing my cricket bag. Otherwise, something less exciting like making a bowl of porridge.

I’m assuming then that you’ve been to see a lot of cricket matches?

Definitely. At the top of my bucket list actually is to see a cricket match in Australia, New Zealand, South Africa, India, Pakistan, Bangladesh, Sri Lanka AND The Caribbean.

Sounds like a lot of air miles to me! Enough about you, what is one thing that you admire most about the person to the left of you?

I would have stay Hui’s (Designer) creative designs and the speed he produces them at. As someone who’s very much focused on numbers, that creative aspect is something that is so impressive to me. And that he can just whip it out – amazing!

What do you love most about coming to work?

Apart from the pool table and free beer? I feel like it’s a really fun environment where I get to work on something new every day.

Plus, we keep discovering other great people to join the company, so it feels like you’re building a business with your mates. I know a lot of people that live for the weekends, but I’ve never felt that way here.

 

Interested in a career at Capital on Tap? 

Join us!

Social media continued: The power of video

With Facebook’s video service specifically aimed at small and medium sized businesses, the debate as to how useful social media is to companies has been reignited. Containing over 50 million business pages on its social network, Facebook is in a powerful position to influence the way in which SMEs execute their marketing strategies.

The tool allows SMEs to create a brief introductory video that will provide information about the way they do business, their back story and anything else entrepreneurs consider worthwhile. The video consists of a photo slideshow over which business owners are able to add short passages of text and select a soundtrack.

Although small businesses may not be Facebook’s primary audience, they form an important demographic that the social network would be foolish to ignore. Figures released from Facebook show that small businesses upload 1.5 million videos every month, contributing to the incredible library of videos shared on the site and from which eight billion videos are watched every day.

When it comes to deciding how useful social media marketing is to small businesses, entrepreneurs are often divided. While social media is considered a free platform for marketing, critics argue that a great deal of time is required to create a successful social media presence and that this does not always lead to good returns on investment. On the other hand, many business owners are impressed by the power of the viral video and feel that social media is too important to ignore.

Recent research compiled by AOL shows that advertising budgets for businesses are shifting away from traditional platforms, such as television and print, towards digital platforms, with an emphasis on digital video advertising. This coincides with greater use of mobile digital technology and on-demand services, both of which have forced marketing experts to reconsider their approach to video.

Though it appears SMEs are embracing digital marketing, and video in particular, it’s also important to face up to the potential problems it may cause. Many of the statistics used by organisations like Facebook can be called into question, and have been. This is largely due to the way in which the social media site automatically plays videos without forcing users to intentionally begin them – leading to figures for watched videos that may be misleading. It is also important to consider over-saturation on the advertising platform. By 2019, it will take an individual over five million years to watch the amount of video crossing global networks in a single month. With this amount of video available, how will businesses use the medium to truly stand out?

At Capital on Tap, we offer customers funding rates as low as 0.79% per month! Looking to boost your business?

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Are chatbots the future of customer service?

We’ve all uttered the words “there is an app for that” at least once, but what we should ready ourselves for is the upcoming version that goes “there is a bot for that.” What are chatbots and could they be the next big shake up to an ever-evolving customer experience?

By definition a robot designed to hold a conversation with humans, chatbots rely on artificial intelligence to communicate with users. They have been around for quite a while now – remember the last time you asked Google to convert a currency to another? Or asked Siri to remind you of your next dentist appointment? However, their ability to help you sell more has only recently been tapped into.

As artificial intelligence becomes more and more advanced, chatbots are now turning out to be great ‘employees’ for businesses looking for new ways to get their customers’ attention. You can now text companies to place new orders, send an email to a supplier to request an invoice or send a Facebook message to a company to obtain more information about a particular product, and get a reply from a chatbot. No human interaction is involved in the responses (bar the actual brains behind the virtual ones), which means that the response is quick, effective and available 24/7 at no extra cost to businesses using the bots.

Chatbots continuously learn, and whereas their language and commands were quite limited in the past, they can now interact with your customers on a more familiar basis. Remembering specific details about ordering habits and analysing trends, which enables them to suggest similar products to buy. Not only do they handle your customers’ requests, they also advertise your other offerings, allowing you to sell more while potentially reducing your costs in staff and advertising.

People now use social media platforms less than messaging applications, and with the lack of real commercial functionality available on these at present, chatbots are set to revolutionise the way businesses interact with their customers in years to come. If you wish, dig deeper into the new trend already. It is as easy as picking up your smartphone and ask Siri, Cortana or Google to tell you more about chatbots!

Invest your time and money in technology to help your business grow. Sign up with Capital on Tap today to give your business a boost!

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How to create a stickier brand – Part 2

Typically, Pareto principle applies within the wholesale market: 80% of revenue and profit generally comes from the top 20% of customers. This, for many wholesalers, means that the majority of sales resource is focused on the Top 20% of customers. This has become known as the ‘Superstar’ theory.

However, there is an increasing school of thought that this theory is flawed. By focusing the majority of effort on the top 20%, the fragmented ‘tail’ of customers often gets ignored. But given the fact that these customers tend not to be promiscuous and in most instances generate higher levels of percentage margin should they not be a key target when wholesalers seek to develop their business?

Part of the issue with this fragmented tail of customers is that they are often credit constrained. This means that the volume and value of goods supplied by a wholesaler is constrained to the credit limit that the wholesaler offers. Often the limit and duration of credit terms is insufficient to cover the trading requirements of the customer. As a consequence you find customers juggling credit limits between suppliers in order to satisfy their needs.

So, if we look at this through the eyes of your customer, what do they want? Ideally, the provision of a credit facility that enables them to purchase what they need from a supplier and a credit period that enables them to maximise their working capital. But more and longer credit means higher risk right?

Not necessarily..

Capital On Tap’s real-time credit monitoring platform can offer more credit to your existing customers without increasing risk. We can do this because our proprietary software enables us to refresh the credit assessment of customers every time they order.  As a consequence, we have more information about the trading patterns and performance of their business which allows us to provide more credit to nearly 80% of our clients’ customers.

We have found that, when provided with more credit and more flexible payment terms, 7 out of 10 customers buy more with increases in order size of up to 20%.

Capital on Tap can help you create a sticky value proposition from your trading terms. We enable you to cultivate long lasting, mutually beneficial customer relationships where you help to improve the liquidity and positive cash flow within your customers’ businesses. They grow, you sell more, you grow.

 

Learn more about how Capital on Tap can help you sell more to your existing customers.

Sell more now!