Fintech company Capital on Tap is celebrating the major milestone of lending over 1 Billion pounds to small and medium sized businesses across the UK.
Since its creation, less than 7 years ago, Capital on Tap has helped more than 65,000 small business owners fund their business ambitions.
With growing demand for finance, the pace of Capital on Tap’s lending has increased rapidly in the past year.
In 2018, it had lent £500m to small businesses, but by September 2019, the funding they’d made available to small UK businesses had doubled as they hit the £1billion milestone.
“Very easy, very fast” funding
A key driver of the surge in funding that Capital on Tap is providing for small businesses is it’s quick, two-minute online application, The simplicity and speed of the system has drawn-in customers from various industries who praise the lending service for its ease of use.
The one billionth pound customer Elaine Speirs, founder of Speirs Consultancy Ltd in biopharmaceuticals, said: “It was very easy, very fast. I don’t remember having to have a conversation with anyone, and I got my credit card within a couple of days.”
“The app is really easy to use on my phone, and there’s a website where I can track all payments; it’s just very simple, I don’t really have to think about it.” Elaine continued that “my own bank turned me down as I was a new business, and without even applying for a loan – that was after 25 years of banking history with them, which I was quite taken aback by.”
Application doesn’t impact credit score
The Capital on Tap ‘soft searching’ function is ideal for new business owners as it allows customers to find out if they’re eligible for a loan without impacting their credit score.
This method challenges typical lenders and empowers customers, particularly benefiting those in rural parts of the UK who could suffer approval delays of up to three weeks.
In addition, once the Capital on Tap fund is agreed; the money is available online in a matter of minutes, streamlining the lending function and supporting those who may struggle with traditional lending platforms.
Easing cash flow problems
Support given by Capital on Tap has been commonly found to facilitate travel, allowing customers to work internationally without charging any extras. Sean Swart, founder of PICS Consultancy Ltd, highlights that “I am often required to move around as part of my job and the Capital on Tap card removes stress around cash flow created by expenses, mainly those from travel expenditure which is created as a by-product of my job.”
Speaking on hitting the £1bn milestone, David Luck, CEO at Capital on Tap, commented, “We started Capital on Tap in 2012, with a mission of making it faster and easier for small and medium enterprises to obtain working capital. Since lending money to our first customer back in 2013, I never thought we would have lent over £1bn to more than 65,000 small businesses in just seven years.”
“We have worked to develop a lending platform that not only makes funding easier for small businesses, but also provides a service for traditional banks. Not only do we pride ourselves in supporting small businesses in the main cities, we provide a unique service for those in provincial areas, where traditional banks fall short.”
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