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Capital on Tap has secured a 200 million financing facility from JP Morgan and investment firm Triple Point to support UK SMEs.
Capital on Tap secures 200 million funding facility
The company says the funds will help small businesses access credit at a time when the UK is forecasting a recession and facing historic inflation.
The company previously secured a $200 million financing facility in April from HSBC and alternative investment firm Vrde Partners to support its US expansion.
Alan Hart, Chief Financial Officer of Capital on Tap, said the backing from multinational banking and investment firm JP Morgan and the continued backing of Triple Point will provide small businesses with access to credit. It emphasizes the importance of the company’s goal of
Launched in 2012, Capital on Tap offers an all-in-one credit card and spend management platform tailored for small businesses.
The company has seen annual turnover growth of 62% over the past three years, with 200,000 small business customers spending 4 billion through its credit cards.
Triple Point manages over 2.7bn of private, institutional and public capital targeting investments in infrastructure, energy efficiency and social housing.
