Capital on Tap announced a £200 million funding facility with J.P. Morgan and Triple Point on August 24, 2022, to support credit for UK small businesses. The financing expanded the resources behind a business card platform combining spending management with rewards. [S01]

Funding the credit behind the card

The company said the agreement followed a separate $200 million US facility four months earlier. Triple Point had supported the business since 2014, while the UK announcement introduced J.P. Morgan into the financing relationship. [S01]

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Funding the credit behind the card

Facility

Market

Announcement context

£200 million

United Kingdom

August 24, 2022

$200 million

United States

Separate facility announced four months earlier

The release described more than 200,000 small-business customers and £4 billion of cumulative card spending across the UK and US. It also identified gift cards, cashback and travel as reward choices. Those figures describe the platform at the time of the announcement. [S01]

What it means for a rewards business

A funding facility supports the lending side of a credit-card programme. Its headline size should not be read as a gift-card purchasing budget, a reward liability or money immediately distributed to customers. The two facilities also use different currencies and should not simply be added together.

The practical connection to gift cards is the route from business spending to reward redemption. Financing can support that wider card business, while the availability and value of individual rewards remain a separate commercial question.

The announcement did not disclose pricing, maturity or detailed borrowing conditions. It therefore establishes the participating lenders, size and intended market, but does not support a claim that borrowing became cheaper for every cardholder or that reward rates changed.