UK-based SME credit card and spend management platform Capital On Tap has secured a £200 million funding facility with JP Morgan and Triple Point to provide more support for small businesses amid soaring inflation and rising energy prices.
The latest funding facility will be used by Capital On Tap to help small companies access credit and comes just four months after it secured a $200 million facility to accelerate its growth in the US.
Alan Hart, CFO of Capital on Tap, said: “We are thrilled to be working with JP Morgan, whilst continuing our long relationship with Triple Point.
“Their willingness to support our mission of ‘Making the Lives of Small Businesses Easier’ not only recognises the importance of this mission but also Capital on Tap’s track record of delivering.”
Over the past three years, Capital On Tap has recorded annual sales growth of 61.98%.
JP Morgan executive director Rob Tanna-Smith added: “We are pleased to be working with Capital on Tap on this new facility to fund credit card lending to support small businesses throughout the UK.”
Triple Point, which first supported the company in 2014, manages more than £2.7 billion of private, institutional and public capital across five investment strategies: Social housing, energy, digital infrastructure, private credit, and venture.
Neil Richards, partner and head of private credit at Triple Point said: “We are delighted to continue our longstanding relationship with Capital on Tap by providing this new facility.”