Canonical URL: https://giftcard.news/payments-technology/capital-on-tap-celebrates-10-years-and-200-000-customers-after-200-milli-627294c7156a/ --- description: The June 2022 milestone combined a new brand identity with gift-card point redemption features and expansion of its US business. title: Capital on Tap marks ten years with 200,000 customers and a rewards update image: https://giftcard.news/images/social/v1/capital-tap-marks-ten-years-200-000-customers-rewards-update-e4d9c3de789d67901d48da6332a5ba17.jpg --- 1. [Home](https://giftcard.news/) 2. [Payments & Technology](https://giftcard.news/payments-technology/) # Capital on Tap marks ten years with 200,000 customers and a rewards update The June 2022 milestone combined a new brand identity with gift-card point redemption features and expansion of its US business. By [Suzie Elis](https://giftcard.news/author/suzie-elis/) June 17, 2022 4 min read [ Google News ](https://google.com/preferences/source?q=giftcard.news&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Fpayments-technology%2Fcapital-on-tap-celebrates-10-years-and-200-000-customers-after-200-milli-627294c7156a%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=Capital+on+Tap+marks+ten+years+with+200%2C000+customers+and+a+rewards+update&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Fpayments-technology%2Fcapital-on-tap-celebrates-10-years-and-200-000-customers-after-200-milli-627294c7156a%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "LinkedIn") [ ](https://wa.me/?text=Capital+on+Tap+marks+ten+years+with+200%2C000+customers+and+a+rewards+update+https%3A%2F%2Fgiftcard.news%2Fpayments-technology%2Fcapital-on-tap-celebrates-10-years-and-200-000-customers-after-200-milli-627294c7156a%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "WhatsApp") ![Capital on Tap business card beside a person using a laptop](https://giftcard.news/images/variants/v1/capital-tap-marks-ten-years-200-000-customers-rewards-update-business-card-w1280.webp) Official company product photograph illustrating the business-card platform. Photo: Capital on Tap [Capital on Tap](https://giftcard.news/company/capital-on-tap/) marked its tenth anniversary on June 17, 2022 with more than 200,000 small-business customers across the UK and US. Its announcement paired the milestone with a rebrand and product changes, including discounted gift-card redemption using reward points. Later-filed group accounts add historical financial context to the wider card business and its rewards programme. [\[S01\]](#article-source-1) [\[S02\]](#article-source-2) [\[S03\]](#article-source-3) ## From lending to a business-card platform The company began offering fixed-term loans in 2012 and introduced its business credit card and spending-management platform in 2017\. By the anniversary, it reported more than £4 billion of cumulative card spending. That lifetime transaction value is distinct from annual income earned by the provider. [\[S01\]](#article-source-1) The consolidated accounts of New Wave Capital Limited, which trades as Capital on Tap, report total income of £89.451 million for the year ended March 31, 2022, compared with £53.826 million for the previous year. Total income combines net interest income with net fee and commission income. The accounts cover UK, US and Spanish operations, and were approved on September 29, 2022 and listed as filed on January 7, 2023\. They are later evidence about the period preceding the anniversary. [\[S03\]](#article-source-3) [\[S04\]](#article-source-4) The data behind the story ### Group total income before the anniversary Total income in the consolidated accounts, after interest expense and net of fee and commission expense. Total income GBP million Tap or hover for details. All values are also available in the data table. Source New Wave Capital Limited, FY2022 group accounts, Companies House Consolidated UK, US and Spanish operations; 2021 is restated for IFRS. Accounts were approved after the June 2022 announcement and filed later. These are annual accounting amounts, not cumulative card spending, funding raised, gift-card sales or forecasts. Show data tableHide data table Scroll left or right to see all columns __Group total income before the anniversary (GBP million)__ | Category | Total income | | --------------------- | ------------------ | | Year ended March 2021 | 53.826 GBP million | | Year ended March 2022 | 89.451 GBP million | Income growth did not translate into a statutory profit that year. The group reported a £42.618 million loss after tax for 2022, against a restated £25.525 million profit for 2021\. These were its first accounts under UK-adopted IFRS, with the comparative year restated. The directors attributed much of the loss to higher expected credit-loss provisions as the loan book expanded and economic assumptions worsened, alongside the developing US operation. The accounts distinguish those statutory results from management’s adjusted performance measures. [\[S03\]](#article-source-3) The US business launched in March 2021 with [WebBank](https://giftcard.news/company/webbank/) as issuer and lender, and more than 12,000 small businesses joined in its first year. WebBank’s contemporaneous announcement also confirms the April 2022 move into an Atlanta headquarters and the $200 million facility supporting US growth. The facility is funding capacity, rather than company revenue or reward spending. [\[S01\]](#article-source-1) [\[S02\]](#article-source-2) ## The reward choice behind the rebrand The Q2 2022 changes included discounted gift-card redemption, a new mobile app, an updated website and a move from yellow to black cards. The gift-card option gave cardholders another use for points alongside cashback and travel. Neither the company’s release nor WebBank’s counterpart provides a complete historical redemption-rate table or a quantified change in gift-card usage. [\[S01\]](#article-source-1) [\[S02\]](#article-source-2) The accounts show the scale of the reward programme before those Q2 changes: loyalty-points expense rose from £6.257 million in the year ended March 2021 to £14.869 million in the year ended March 2022\. This is a directly reported cost across the group’s reward schemes, rather than a measure limited to the newly announced gift-card option. [\[S03\]](#article-source-3) The data behind the story ### Loyalty-points expense before the product update Recognised cost of loyalty points across the group’s cardholder reward schemes. Loyalty-points expense GBP million Tap or hover for details. All values are also available in the data table. Source New Wave Capital Limited, FY2022 group accounts, Companies House Costs are shown as positive magnitudes. This accrual-based measure reflects points earned and expected redemption, not cash paid or gift-card redemption alone. Both financial years ended before the Q2 2022 product changes, so the chart does not measure their effect. Show data tableHide data table Scroll left or right to see all columns __Loyalty-points expense before the product update (GBP million)__ | Category | Loyalty-points expense | | --------------------- | ---------------------- | | Year ended March 2021 | 6.257 GBP million | | Year ended March 2022 | 14.869 GBP million | The accounting policy recognises reward expense when customers earn points, using the points’ monetary value and an expected redemption rate informed by past redemptions and reviewed annually. Recognised expense therefore differs from points actually redeemed or cash paid during the year. The figures establish the programme’s financial scale before the product update without attributing the increase to an option introduced later. [\[S03\]](#article-source-3) The customer and cumulative spending milestones describe the wider business-card platform. They do not count gift-card purchasers, identify the proportion choosing gift cards or measure merchant sales arising from those redemptions. The anniversary records the company’s position in mid-2022; the later-filed accounts supply a separately dated view of the preceding financial year. [\[S01\]](#article-source-1) [\[S03\]](#article-source-3) ## In this article ### Companies * [Capital on Tap](https://giftcard.news/company/capital-on-tap/) * [WebBank](https://giftcard.news/company/webbank/) ### Sources and documents * [\[S01\] We Celebrate 10 Years and 200,000 Customers | Capital on Tap](https://www.capitalontap.com/en/company/newsroom/posts/capital-on-tap-celebrates-10-years-200-000-customers-on-the-heels-of-200-million-raise/?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — www.capitalontap.com * [\[S02\] Counterpart anniversary announcement, June 17, 2022](https://www.webbank.com/newsroom/capital-on-tap-2022-06-17?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — WebBank * [\[S03\] Group annual report and financial statements, year ended March 31, 2022](https://find-and-update.company-information.service.gov.uk/company/07959823/filing-history/MzM2NDMwMTc5M2FkaXF6a2N4/document?format=pdf&download=0&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — New Wave Capital Limited via Companies House * [\[S04\] Filing history: FY2022 accounts listed January 7, 2023](https://find-and-update.company-information.service.gov.uk/company/07959823/filing-history?page=2&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — Companies House Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Fpayments-technology%2Fcapital-on-tap-celebrates-10-years-and-200-000-customers-after-200-milli-627294c7156a%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=Capital+on+Tap+marks+ten+years+with+200%2C000+customers+and+a+rewards+update&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Fpayments-technology%2Fcapital-on-tap-celebrates-10-years-and-200-000-customers-after-200-milli-627294c7156a%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "LinkedIn") [ ](https://wa.me/?text=Capital+on+Tap+marks+ten+years+with+200%2C000+customers+and+a+rewards+update+https%3A%2F%2Fgiftcard.news%2Fpayments-technology%2Fcapital-on-tap-celebrates-10-years-and-200-000-customers-after-200-milli-627294c7156a%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "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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