Capital on Tap, the specialty finance and lendtech company that offers SME credit cards and working capital solutions, has secured £750m of funding, including a £550m Master Trust facility—the first non-bank European credit card master trust since 2015—arranged by BNP Paribas and Citi, and a £200m revolving credit extension facility from Blue Owl Capital. The funding will be used for the firm’s UK and U.S. SME lending expansion. The participation of top legacy banks signals a growing faith in the lending models of the fintechs and private credit funds – using fintechs for rapid credit decisions and syndicating loans with private credit funds who have been plugging the gap left by the very same legacy FIs. 

Capital On Tap Lands £750M Funding for SME Credit Growth