Capital on Tap Launches Leading Small Business Credit Card Into the US Market
Capital on Tap launches leading small business credit card into the US market
Capital on Tap is launching in the United States, providing access to much-needed financial support for American small and medium-sized businesses (SMBs) through our innovative business credit card proposition.
We have partnered up with WebBank, which is the issuer and lender in the Capital on Tap credit card program.
With a goal of supporting 10,000+ businesses in the first year, the expansion follows our successful launch in Spain in 2020. The standard offering for the US market will deliver 1% cashback on all purchases with no foreign exchange fees, while a premium product will provide 2% cashback and include a $199 annual fee. Both products will offer credit lines of up to $50,000 to support small businesses.
Working constraints related to COVID-19 forced Capital on Tap and WebBank to work more creatively on the launch of the US product. Despite these restrictions and limitations in the 100% remote environment, the time from conception to launch was less than 5 months.
“The team worked tirelessly to get the product prepared for launch. COVID-19 and the subsequent economic downturn have meant challenging times for SMBs and the Capital on Tap business credit card will provide access to crucial working capital and also a range of features built just for SMBs,” Zoe Newman, Head of International Expansion at Capital on Tap, explains. There was a clear opportunity in the US SMB market for an alternative approach to B2B lending.
“We’re looking forward to the partnership with WebBank and bringing the Capital on Tap business credit card to the US market and serving local SMBs, providing business owners and their employees with new levels of control over funds for growth and business development in addition to supporting cash flow,” she said.
“At WebBank, we partner with strategic platforms that are developing innovative technologies to make financial services more accessible,” said Jason Lloyd, President at WebBank. “Capital on Tap has proven itself as a visionary platform. Their relentless focus on empowering small business owners makes them an ideal partner. We are excited to work with Capital on Tap to bring the power of fintech to small businesses in the US, ultimately improving the ability of small business owners to manage their companies more successfully every day.”