Small business lender Capital on Tap has announced this week that they have funded over £1,000,000,000 across more than 65,000 SMEs in the UK. Focused on supporting SMEs access working capital through a revolving credit facility and Business Mastercard, Capital on Tap is stepping up as banks continue to roll back funding for small businesses.
David Luck, Capital on Tap’s co-founder and CEO discusses the ups, downs and challenges along the way on a recent blog post - https://blog.capitalontap.com/2019/08/08/1-billion-funded-to-uk-smes/ “This is such a big milestone for us. I still remember the names of the first 20 customers we signed up. In the early days of Capital on Tap, we worked out of a tiny nook of an office in Notting Hill. We were that small SME trying to help other SMEs. There were many difficult lessons learned as we scaled to be one of the biggest non-bank lenders in the country.”
Capital on Tap are also focused on supporting SMEs across the UK and reaching remote and isolated regions rather than just London. 87% of customers are outside the capital and have received over £290 million in funding already this year with continuing efforts to reach these UK wide businesses.
After becoming profitable in 2018, Capital on Tap has now hit this impressive milestone in funding over £1 billion to UK SMEs. Mr. Luck adds, “I have never been more optimistic for the future of Capital on Tap. We are adding features every month to make running a business better. I’m really proud of our recent launch of our leading rewards programmes with cashback and Avios as well as our full integration with SME accounting software provider Xero. We believe we are the best working capital solution for businesses in the UK.”
With more initiatives launching to support SMEs, such as the BCR fund, it seems small businesses are gradually starting to receive the support they need and deserve.
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Capital on Tap
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