Capital on Tap Closes £500M Public Markets Funding Deal
Leading credit card provider for small businesses, Capital on Tap has successfully issued a £500 million asset-backed securitisation (ABS) transaction backed by its business credit card receivables, the largest ever non-bank credit card ABS issued in Europe.
Founded in 2012, Capital on Tap has helped over 200,000 small businesses spend and manage their finances.
Société Générale, acted as Joint Lead Manager alongside other institutions.
"Small businesses are the backbone of our economy, but there may be times when some face challenges and they need additional sources of support. This record-breaking deal isn't just a financial milestone; it's rocket fuel for our mission," said Damian Brychcy, CEO at Capital on Tap. "Achieving investment grade status from our new master trust proves the resilience of our customers and the strength of our platform. This funding allows us to double down on empowering SMBs with the tools and credit they need to thrive.
Societe Generale is pleased to have placed London Card 3 with key institutions in what is a milestone for Capital on Tap as well as UK and European markets for a non-bank financial issuer, We look forward to supporting Capital on Tap in its high growth journey to meet the funding and credit needs of UK SMBs.
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