BREAKING NEWS: Xero intergration is here!

At Capital on Tap we want to be more than just your credit provider, we want to help your business grow by giving you the tools to easily manage your business so you can focus on the activities you love.

We’ve been working hard to make that vision a reality and we’re pleased to announce that from today we have full account integration with Xero! Say goodbye to manually downloading statements to upload them into Xero, now your transactions will automatically be sent to your Xero account making reconciling your expenses so much easier.

This is great! How do I connect?

Connecting your account is simple – just login to your account and head to the new ‘Connections’ tab which is located just above ‘Support’.

Connections

Click on the ‘connect’ button next to the Xero icon to login to your Xero account. This will take you to the Xero login page.

Login to Xero

Once logged in, connect the business that you wish to link your Capital on Tap account to.

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That’s it – just three easy steps and – you’ll be connected! It’s that simple. You should see your transactions made in the last month appear in your Xero account within the next 12 hours.

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Oh no, I’m not with Xero – can I connect my transactions?

Soon! Xero is the most popular accounting software with our customers so we wanted to make sure we could help as many people as possible in one go. We know that many of you use other software like Quickbooks, Sage and Freeagent so we’re working really hard to make sure we can also offer these integrations soon!

Addressing SMEs Concerns for their Financial Future

With 99% of businesses in the EU falling under the “small business” umbrella, it is easy to see why many consider them to be the backbone of the economy. As well as powering the economy, these businesses make important contributions to innovation, employment and accelerating economic growth.

Yet, despite their importance, banks have continued to reduce or outright deny vital funding to many SMEs – a factor that has only worsened since the 2008 financial crisis. This has left many SMEs concerned for their financial future. Largely, banks are failing to provide the funding solutions SMEs so desperately need, and even those who do manage to access financing from a bank often find that borrowing is a cumbersome, inflexible and time-consuming process which diverts their attention from their business.

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Ultimately, the current situation is unsustainable. As SMEs provide two-thirds of private sector jobs across the continent and contribute more than half of the total value created by businesses across the European Union, more needs to be done to overcome market deficiencies.

To solve this problem, there has been the emergence of alternative lenders, like Capital on Tap. Whether its term loans, credit cards or invoice factoring – more of these services are being provided by non-bank lenders like ourselves and as a result we are the increasingly popular choice among SMEs.

At Capital on Tap, we offer highly automated decision engines, transparency on pricing and excellent customer service, and unlike with bank-backed funding options, our customers receive funds in hours or days, rather than weeks or months. Additionally, as alternative lenders, we continue to innovate and work on robust technology platforms, which give businesses easier access to information and lower operating expenses. We find that once SMEs start using these alternative solutions, they tend to stick around for a long time as they prefer it to their bank.

Given the uncertainty of Brexit and other economic clouds gathering, SMEs need funding certainty now more than ever. Thanks to alternative lenders like Capital on Tap, SMEs are able to access solutions perfectly crafted for their businesses. As we look to expand into Europe, alternative solutions like ours could be just what is needed to help SMEs overcome their financial fears and provide them with a more stable future.

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

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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How Flexible Financing Can Drive Growth for SMEs

SMEs are the lifeblood of the European economy. According to advisory group, Interreg Europe, they represent 99% of all businesses and two-thirds of all private sector jobs in the EU, while according to the European Investment Fund’s SME Access to Finance Index: “together, SMEs produce more than half of value added in the EU.”

That is why the success of SMEs is so crucial to the overall health of the European business landscape. Yet, far too often lack of easy access to finance threatens their prospects. Starved of the flexible funding they require, many small businesses struggle to survive, while others find growth opportunities severely restricted.

At Capital on Tap, we have seen at first hand the challenges UK SMEs face. There is often a sense that retail banks don’t speak their language or prioritise their needs. These banks certainly struggle to come up with finance offers that really work for SMEs, mainly because it is hard for them to make the economics work for a small loan.

“We continue to see small businesses being underserved by retail banks and we are trying to solve that issue not only in the UK but now also across the rest of Europe.”

That’s where we believe we can step into the breach. Our automated technology platform can run with minimal costs, meaning that we are able to provide start-up enterprises with loans of as little as £25,000 – and, critically too, we put SMEs front and centre of our whole approach.

The online application process is straightforward, with 97% of customers getting an instant credit decision. SME customers pay no interest on card purchases if they pay off their balance in full every month. Otherwise, they only pay interest on the funds they use. As well as having no monthly or annual fees, they also benefit from having no ATM charges or foreign transaction (FX) fees to worry about.

Since launch, we have provided £500 million worth of funding to 40,000 businesses across the UK. That’s why, while continuing to focus on the UK, we are now looking to also branch out into the wider European marketplace.

“Businesses have loved that our platform was simple and easy, and demand has matched what we have seen so far in the UK.”

It’s clear that SMEs across Europe face many of the same concerns that they do in the UK but generally there are even fewer funding options for smaller businesses in other European countries than there are in the UK.

We have tested our platform in five different European countries already – and have had an incredible response in each. Businesses have loved that our platform was simple and easy, and demand has matched what we have seen so far in the UK. It’s a positive sign.

We continue to see small businesses being underserved by retail banks and we are trying to solve that issue not only in the UK but now also across the rest of Europe. Flexible funding really can provide the answer here. Simply: businesses can go from having no options to having a fantastic option for growth.

– David Luck, CEO, Capital on Tap

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.

Customer Success Story: Past Impressions Crystal and Fossil Shop

Many of us daydream of making a living out of a beloved past-time, longing for the day we can truly extract riches out of what fills our life with passion and happiness. Lee took his favourite hobby – his fossils and minerals collection – and turned it into a profitable business back in 1999: Past Impressions Crystal and Fossil Shop.

Lee came up with his very own business model after amassing various minerals and fossils for his impressive private collection whilst working in a job that did not bring him as much joy as his hobby. He explains, “I worked in a factory around that time, but I wasn’t really that happy, and I saw the opportunity to take something that I enjoyed and make a living out of it!”

His first crystal and fossil shop opened in Great Yarmouth and traded successfully for a decade, so much so that by 2009 Lee made the decision to move his business online to give customers all over the globe access to his stock!

Customers can now source their fossils and crystals in Lee’s high street shop in his hometown of Beccles in Suffolk, on his 2 websites, but also on eBay and Amazon! “The widespread presence of the business is what makes it fairly unique, as I haven’t limited myself to just one platform and try to do great things on all of them.”

Online orders benefit from a free delivery option for all UK buyers, and goods are delivered within 3 business days all over the country and within up to 21 days for international customers.

To ensure a continually strong presence across all of his selling platforms, Lee decided to research business credit providers on Google: “My suppliers give me great credit terms, however the nature of my business requires me to carry a lot of stock as the product is so unique.” It was while searching for a potential new business finance partner that he discovered Capital on Tap, and more particularly the feedback received by previous Capital on Tap customers on Trustpilot: “I sometimes think that  people who go through the trouble of leaving online reviews on sites such as Trustpilot are often angry or disappointed and eager to lash out if they have received poor service, but Capital on Tap have a lot of positive reviews, and people seem to enjoy using the product so I thought they must be doing something right.”

Lee decided to check his eligibility online and received a credit decision within a couple of minutes. “It was so easy to apply and get the account set up”, he recalls. Once the account was up and running, Capital on Tap kept meeting his expectations: “It’s simple to use, there when you need it and the dashboard is easy to navigate – Capital on Tap enabled the business to carry more stock.”

What does the future hold for Past Impressions Crystal and Fossil Shop? Lee plans an expansion of his Amazon selling platform without sacrificing any of the hard work he has already put in place in all other marketplaces so that even more customers can have access to great and authentic products. If you would like to find out more about the astonishing line of fossils and minerals on offer, visit www.pastimpressionsfossils.co.uk and www.pastimpressionscrystals.co.uk.

If like Lee you are looking to join the growing community of business owners using their Capital on Tap account to grow their business, check your eligibility today! There are no monthly or yearly fees, and applying has no effect on your credit score.

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Are a lack of tech skills costing your business?

It will not be news to most small and medium sized business owners that the adoption of new technologies is one of the most important drivers in growth and expansion. However, with the rapid pace of tech development, it can often be difficult to keep up, let alone make the most of new technologies. A recent study has reinforced this idea, claiming that a lack of tech skills and a reluctance to incorporate new technology into existing business models is costing 65% of SMEs time and money.

While most businesses maintain some kind of online presence – be it a website, Facebook profile or Twitter account – a large portion of SMEs have no digital skills beyond these basic applications. This is a great inhibitor of growth and will hinder businesses that could streamline operations if they incorporated new technologies or digitalised some manual processes. When surveyed, 59% of SMEs reported spending up to 10 hours a week on administration tasks, many of which could be made more simple and quicker if completed using digital software and applications. Similarly, 65% of businesses continue to use outdated Microsoft Office software, despite newer software boasting impressive improvements.

Interestingly, the reluctance to adopt new technology appears to be caused by certain attitudes prevalent both in the UK and Europe as a whole. While a lack of awareness concerning the potential benefits of social media can be blamed for many businesses not creating profiles on the variety of social networking platforms on offer, other new technologies are viewed with suspicion by businesses lacking the technical expertise required to implement them. Shockingly, the study estimated that giving SMEs two hours back each week could boost the UK economy by nearly £9 billion a year.

The survey also investigated the attitudes of those businesses that don’t utilise even the most common of digital technologies. Amongst the 36% of businesses that reported not having a website, 77% argued that they believed it wasn’t necessary due to the fact that setting one up would be expensive and time-consuming. This figure also included a large percentage of SMEs that weren’t aware of the prevalence of maintaining a digital presence. Though many SMEs understand the importance of new technology to keeping ahead of the competition, the general health of the U.K. economy does depend on greater rates of adoption in the future.

In order to keep ahead of businesses operating in lower-cost countries, SMEs need to ensure that they are integrating new technologies into their organisations and that they understand how to use them effectively.

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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