Capital on Tap has secured a £200 million funding facility from JP Morgan and investment firm Triple Point to support the UK’s small businesses.
The company says the funding will help small businesses access credit at a time when the UK is anticipating a recession and facing historic inflation rates.
The firm previously landed a $200 million funding facility from HSBC and alternative investment firm Värde Partners in April to support its US expansion.
Capital on Tap chief financial officer Alan Hart says the support from banking and investment multinational JP Morgan, and the continued support of Triple Point, underscores the importance of its goal to provide access to credit for small businesses.
Launched in 2012, Capital on Tap provides an all-in-one credit card and spend management platform tailored to small businesses.
The company has seen 62% annual sales growth over the last three years, with 200,000 small business customers spending £4 billion through the firm’s credit cards.
Triple Point manages more than £2.7 billion of private, institutional and public capital, targeting investment towards infrastructure, energy efficiency and social housing.
Image and article originally from www.fintechfutures.com. Read the original article here.