In 2019 Capital on Tap made the decision to expand its operations into Spain. The mission remained the same – supporting small businesses in Spain by offering them a product and service similar to our offering in the UK. After 9 months of extensive work, we’ve embarked on the next step of our journey – we have partnered up with Marqeta to power payment processing for our new small business credit card in Spain.

Marqeta, a leading global card issuing platform, provides advanced infrastructure and tools for building highly configurable payments cards. Its innovative platform already powers our small business credit card in the UK offering our customers a tailored line of credit along with same-day access to funds.

This service can now be extended to Spanish SMEs. Marqeta’s online onboarding process means customers don’t need to visit their bank and wait weeks for a response; credit decisions can be made within a day and funds accessed immediately. In addition, Marqeta-powered credit cards enable advanced customisation, expense tracking, and categorisations giving small businesses greater flexibility and more transparent access to funds.

Marqeta’s simple API-driven approach allowed our developers to customise the card programmes to meet the needs of the Spanish market. With a few modifications to currencies and lending criteria, payments can be now processed through one central global platform, reducing operational overheads.

Zoe Newman, Head of International Expansion at Capital on Tap who oversaw the rolling out of our new card offering in Spain explains: “Launching a new card programme in a new region can be extremely complex. With other providers, it would potentially involve an entirely new build, but with Marqeta it was surprisingly easy - we could essentially copy and paste our UK model across, with a few small but essential tweaks to ensure it was a perfect fit for the market.

Expanding our services by offering Spanish SMEs a credit card is a major step in our mission, especially now as the world begins easing COVID-19 restrictions. “SMEs will be looking for accessible funding to help them get back up and running again. But to date, businesses globally have faced several issues trying to access working capital from state-backed schemes, while banks are taking longer to respond and are more reluctant to lend. As a result, SMEs have been unable to access useful lines of credit focused on their needs,” said Ruben Vidal, Capital on Tap’s MD in Spain. “With Marqeta, we’re able to address several of these issues right away. Our quick and easy processing means SMEs can focus on running their businesses, instead of jumping through hoops to secure the funding they need. We expect to issue millions of Euros to Spain’s 3 million sole traders and small businesses within 2020 and beyond, supporting their plans to reopen, grow and prosper.