Capital on Tap, a provider of business credit cards, has secured a $200 million funding facility to support its growth in the US.
The fintech launched in 2012 and claims to have provided over £3.5 billion of funding to more than 125,000 small and medium-sized businesses across the UK and US.
Capital on Tap, which provides business credit cards whose features include employee spending controls, reporting and rewards, expanded into the US last year, setting up an office in Atlanta, Georgia, and launching its product there.
The new funding facility, provided by HSBC and Värde Partners, will enable Capital on Tap to provide its US credit card to more small and medium-sized businesses, as the fintech actively recruits to add to the team of 50 it currently employs in Atlanta.
Alan Hart, chief financial officer at Capital on Tap, commented: “With the closing of this facility, we are looking forward to expanding our ability to provide essential funding for small businesses across the United States. We are thrilled to be joined in this mission with Värde Partners as well as extending our already international relationship with HSBC.”