Canonical URL: https://giftcard.news/industry-deals/capital-on-tap-launches-groundbreaking-public-securitisation-facility-4751206a2385/ --- description: London Cards No.1 added a public-market funding channel in 2023, alongside the company’s existing business-card facilities. title: Capital on Tap introduces £250 million public securitisation image: https://giftcard.news/images/social/v1/capital-tap-introduces-250-million-public-securitisation-0d8602beed0e209ca406595b5ab75cdf.jpg --- 1. [Home](https://giftcard.news/) 2. [Industry Deals](https://giftcard.news/industry-deals/) # Capital on Tap introduces £250 million public securitisation London Cards No.1 added a public-market funding channel in 2023, alongside the company’s existing business-card facilities. By [Suzie Elis](https://giftcard.news/author/suzie-elis/) July 31, 2023 2 min read Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fcapital-on-tap-launches-groundbreaking-public-securitisation-facility-4751206a2385%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=Capital%20on%20Tap%20introduces%20%C2%A3250%20million%20public%20securitisation "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fcapital-on-tap-launches-groundbreaking-public-securitisation-facility-4751206a2385%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial "LinkedIn") [ ](https://wa.me/?text=Capital%20on%20Tap%20introduces%20%C2%A3250%20million%20public%20securitisation%20https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fcapital-on-tap-launches-groundbreaking-public-securitisation-facility-4751206a2385%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial "WhatsApp") ![Capital on Tap business card displayed beside its account-management app](https://giftcard.news/images/variants/v1/capital-tap-introduces-250-million-public-securitisation-business-card-displayed-beside-account-w1280.webp) Official product artwork accompanying the 2023 financing announcement. Photo: Capital on Tap [Capital on Tap](https://giftcard.news/company/capital-on-tap/) announced its first public securitisation, London Cards No.1, on July 31, 2023\. The £250 million transaction provided another funding channel for a business-card platform whose rewards included gift cards, cashback and travel. [\[S01\]](#article-source-1) ## Announcement date and transaction dates Scroll left or right to see all columns __Announcement date and transaction dates__ | Stage | Date or detail | | ------------------- | ----------------------------------- | | Pricing | June 5, 2023 | | Settlement | June 20, 2023 | | Public announcement | July 31, 2023 | | Transaction value | £250 million | | Participation | Seven investors across six tranches | [HSBC](https://giftcard.news/company/hsbc/) and [BNP Paribas](https://giftcard.news/company/bnp-paribas/) acted as co-arrangers and joint lead managers. The company said the structure comprised a loan note and five placed note tranches listed on the [London Stock Exchange](https://giftcard.news/company/london-stock-exchange/). [Moody’s](https://giftcard.news/company/moody-s/) and [DBRS](https://giftcard.news/company/dbrs/) assigned Aa3 and AAA respectively to the Class A loan note. [\[S01\]](#article-source-1) ## A different source of funding The company described the deal as a way to diversify its funding mix. It said it had closed more than £1 billion of facilities since June 2021\. That cumulative figure and the new transaction value have different scopes, so they should not be treated as separate amounts of fresh financing raised on the announcement date. [\[S01\]](#article-source-1) For the gift-card sector, the relevant connection is the cardholder reward proposition attached to business spending. The securitisation funds a wider credit business; it is not evidence of £250 million in gift-card sales or a new reward catalogue. The distinction between pricing, settlement and announcement is also useful. Investors had agreed the transaction before the July press release, so the release documents an already completed financing step rather than an invitation for businesses to apply for a newly announced fund. The announcement did not establish a change in the value of customers’ rewards. It provides evidence of funding diversification, while the consequences for cardholder terms require separate product documentation. ## Sources and documents ExpandCollapse * [\[S01\] Capital on Tap Public Securitisation Facility | Capital on Tap](https://www.capitalontap.com/en/company/newsroom/posts/capital-on-tap-announces-public-securitisation-facility/?utm%5Fsource=giftcard.news) — www.capitalontap.com ## In this article ### Companies * [BNP Paribas](https://giftcard.news/company/bnp-paribas/) * [Capital on Tap](https://giftcard.news/company/capital-on-tap/) * [DBRS](https://giftcard.news/company/dbrs/) * [HSBC](https://giftcard.news/company/hsbc/) * [London Stock Exchange](https://giftcard.news/company/london-stock-exchange/) * [Moody’s](https://giftcard.news/company/moody-s/) Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fcapital-on-tap-launches-groundbreaking-public-securitisation-facility-4751206a2385%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=Capital%20on%20Tap%20introduces%20%C2%A3250%20million%20public%20securitisation "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fcapital-on-tap-launches-groundbreaking-public-securitisation-facility-4751206a2385%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial "LinkedIn") [ ](https://wa.me/?text=Capital%20on%20Tap%20introduces%20%C2%A3250%20million%20public%20securitisation%20https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fcapital-on-tap-launches-groundbreaking-public-securitisation-facility-4751206a2385%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial "WhatsApp") ![Portrait of Suzie Elis](https://giftcard.news/images/variants/v1/suzie-elis-editorial-portrait-w320.webp) About the author ## [Suzie Elis](https://giftcard.news/author/suzie-elis/) Journalist — Gift Cards & Digital Gifting Suzie Elis covers gift card products, digital gifting and distribution for Gift Card News. From reading to building ## Your next move in gift cards. Tell us what you’re building. We’ll help you explore suitable providers. 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