Capital on Tap joins forces with Plaid in the UK

Initially integrating Plaid’s Open Banking features in the US, Capital on Tap intended to minimise difficulties in the lending process, while also enhancing risk analysis and increasing approvals for SMEs located in the US. Having received positive feedback in the region, the company chose to expand the integration to the UK. Capital on Tap aims to create a long-term partnership across the two regions and assist mutual growth. According to the company’s officials, by utilising Plaid’s Open Banking infrastructure, it is set to offer SMEs faster, more efficient access to funding, enabling them to grow. Additionally, the move simplifies Capital on Tap’s lending process, allowing the firm to improve its customer experience.

Furthermore, some benefits of Plaid’s integration include simplified onboarding through secure connectivity, enhanced funding process via extensive bank coverage, and improved credit decisioning with advanced analytics. By merging these features and benefits, the two companies focus on enabling UK SMEs to manage their finances better while making lending more accessible and responsive to businesses’ individual needs. Representatives also underlined that Capital on Tap is committed to prioritising customer experiences and journeys and the current move allows the company to deliver on its allegiance.

In addition, the integration aims to assist the advancement of lending for UK SMEs, as businesses can access lending solutions that are automated and customised to their real-time financial profile. One of Capital on Tap’s objectives is to support UK and US SMEs by developing an improved business credit card and spend management platform that suits their needs.