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