Capital on Tap announced a £100 million corporate revolving credit facility with Atalaya Capital Management on October 18, 2022. The business-card provider said the financing would support its expansion and the development of additional tools for small businesses. [S01]

A corporate facility with a product-development purpose

The company identified accounts payable software and credit-building products among the areas it planned to develop. These were future plans in the announcement, rather than confirmation that both products had launched. [S01]

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A corporate facility with a product-development purpose

Element

Announcement detail

Financing

£100 million corporate revolving credit facility

Counterparty

Atalaya Capital Management

Planned development

Accounts payable software and credit-building products

Existing offer

Business credit card, spending controls and rewards

Capital on Tap described more than 200,000 small businesses served since its launch in 2012. It said its US business, introduced in 2021, had reached more than 14,000 cardholders. The existing rewards proposition included cashback, travel and gift cards. These are historical figures and product descriptions from the October 2022 release. [S01]

Keeping the funding channels separate

The corporate financing was a different transaction from the £200 million UK funding facility announced that August. Treating the two as one deal would obscure the separate counterparties and the purposes described in each announcement.

For businesses involved in gift-card rewards, the relevance is the wider platform through which cardholders earn and redeem value. A facility supporting product development can help a provider expand that relationship, but the headline amount is not a measure of gift-card sales or the budget available for customer rewards.

The release did not provide detailed pricing or drawdown conditions. It supports the financing announcement and the company’s stated development plans, without establishing that borrowing terms or reward rates improved for every small-business customer.