The new funding will be used to build out the firm’s central finance hub for clients, which will include a full accounts payable suite to manage bills and expenses, a credit score builder and several other products to help small businesses handle their finances. 

While this is the firm’s first corporate revolving credit facility, Capital on Tap has previously closed two funding agreements with Atalaya Capital Management, both in 2021.

Capital on Tap provides an all-in-one business credit card and spend management platform with instant access to funds, flexible repayment options, accounting integrations and unlimited free 1% cashback.

•   What does the specialist finance industry need in 2023 and beyond?
•   Capital on Tap secures £450m funding facility from Atalaya, BNP Paribas and HSBC
•   Capital on Tap plans international expansion

Following its launch in the UK in 2012, the fintech company has provided more than £4bn of funding to over 200,000 small business.

It opened its US division in 2021 and has since gathered more than 14,000 stateside Capital on Tap business credit card holders. 

Alan Hart, CFO at Capital on Tap (pictured above), said: “We are extremely pleased to have agreed this facility, which will allow us to better serve our small business customers with the spend management tools and flexible funding they need to grow. 

“Moreover, it is fantastic that we have broadened our relationship with Atalaya to include a general-purpose corporate facility.”

James Intermont, managing director at Atalaya Capital Management, remarked: “Capital on Tap’s impressive growth has positive implications for the prosperity of small business owners in the US and UK. 

“We’re thrilled to expand our relationship with Capital on Tap via its first revolving credit facility to support this critical segment of the business population.”