International FinTech Capital on Faucet has secured a £100 million company revolving credit score facility with Atalaya Capital Administration to offer small companies within the UK and US with a central hub to handle all facets of their enterprise funds.
Since launching in 2012, Capital on Faucet has supplied over £4 billion of funding to greater than 200,000 small companies. In 2021, Capital on Faucet launched their US enterprise, which already has greater than 14,000 Capital on Faucet Enterprise Credit score Card holders in its one 12 months of existence.
Whereas Capital on Faucet has closed a number of funding amenities previously, over £1bn since June 2021 to fund prospects, this revolving credit score facility is the primary that will likely be used to reinforce Capital on Faucet’s rapidly evolving product providing.
Immediately, Capital on Faucet supplies an all-in-one enterprise bank card and spend administration platform constructed to save lots of small companies money and time with instantaneous entry to funds, versatile compensation choices, accounting integrations, limitless free 1% cashback, and as many worker playing cards as they want.
The funding will permit Capital on Faucet to construct out their central finance hub for small enterprise homeowners within the UK and US. This may embody a full accounts payable suite to handle payments and bills, a credit score rating builder to assist new firms set up enterprise credit score, and a number of other different merchandise and options that may assist small enterprise homeowners from the day they begin their enterprise.
“We proceed to see small companies missed and underserved by the big incumbent banks,” mentioned David Luck, co-founder and CEO of Capital on Faucet. “We need to construct a easy, seamless finance platform for small enterprise homeowners.”
Initially backed by three early angel buyers, Capital on Faucet has been worthwhile since 2017 and has skilled a powerful 62% annual gross sales progress during the last 3 years. Whereas that is the FinTech’s first company revolving credit score facility, Capital on Faucet has beforehand closed two funding amenities with Atalaya Capital Administration, each in 2021.
“We’re extraordinarily happy to have agreed this facility, which can permit us to higher serve our small enterprise prospects with the spend administration instruments and versatile funding they should develop,” mentioned Alan Hart, CFO at Capital on Faucet. “Furthermore, it’s unbelievable that we have now broadened our relationship with Atalaya to incorporate a normal goal company facility.”
James Intermont a Managing Director at Atalaya Capital Administration commented, “Capital on Faucet’s spectacular progress has constructive implications for the prosperity of small enterprise homeowners within the US and UK. We’re thrilled to increase our relationship with Capital on Faucet through their first revolving credit score facility to help this essential section of the enterprise inhabitants.”