Alternative lender Capital On Tap has secured a USD 200 million funding to further expand its lending in the US.
The UK-based alternative lender, founded in 2012, lends money to UK SMEs and since March 2021, it has begun a US expansion.
With a base in Atlanta, Capital on Tap launched a US credit card in 2021, aimed at small and medium-sized businesses recovering following the pandemic’s economic downturn. It now has over 50 employees in the country.
In 2021, it scored GBP 450 mln funding from Atalaya Capital Management, BNP Paribas, and also from HSBC for its UK operation but is now looking to scale loans to cash-strapped smaller firms in the US. Capital On Tap says it has lent over GBP 3.5 billion to more than 125,000 small and medium-sized businesses across the UK and US.
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