Capital on Tap established a GBP 550 million master trust facility with BNP Paribas and Citi, creating a non-bank credit card master trust in Europe. This move improved the company’s ability to scale operations and support SMEs.
In a separate transaction, Capital on Tap improved its existing revolving credit facility with funds managed by Blue Owl Capital from GBP 100 million to GBP 200 million. This expanded facility will support the company’s operations across the UK and US markets. The company aims to accelerate its growth and offer more value to SMEs in both regions.
In February 2025, the credit card provider partnered with ClearBank on an embedded banking service that provides clients with business savings accounts integrated directly into its existing user portal. The solution is set to be available to new and existing Capital on Tap customers, who will benefit from higher interest rates on their savings and eligible deposits safeguarded by FSCS.
Customers can open a business savings account through the existing Capital on Tap portal, thus benefiting from a simplified user experience. Through this collaboration, the two organisations aim to facilitate flexibility for depositing funds from a customer’s nominated bank account and earning daily interest, with the confidence that funds can be instantly withdrawn when they need them.
The partnership comes a month after the company teamed up with Airwallex to improve the latter’s offerings in the UK by integrating an agency banking solution. Airwallex gained access to virtual business accounts, GBP collections, and CoP functionality to further improve its services.
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