Capital on Tap Expands Plaid Integration to UK, Enhancing SME Lending Experience

Woman Holding Capital On Tap Card To Camera

Capital on Tap, the leading business credit card and spend management platform trusted by over 200,000 businesses, today announced the expansion of its partnership with Plaid, a data network powering the digital financial ecosystem, to the United Kingdom. Building on their successful collaboration in the US market since January 2023, this move will enable Capital on Tap to leverage Plaid's world-class open banking infrastructure to elevate the lending experience for UK small and medium-sized enterprises (SMEs).

"We're excited to extend our partnership with Plaid into the UK," said Damian Brychcy, CEO of Capital on Tap. "By integrating Plaid's cutting-edge open banking capabilities, we can provide our SME customers with faster, more efficient access to funding that propels their growth and success. This seamless integration has already streamlined our lending process in the US, and we're excited to bring those same benefits to businesses across Britain."

The Plaid integration delivers a powerful suite of advantages for Capital on Tap and its customers, including:

  • Streamlined onboarding via secure open banking connectivity, allowing businesses to link accounts quickly and safely 
  • Smoother funding through extensive coverage of over 12,000 financial  institutions
  • Enhanced credit decisioning with advanced analytics for precise, personalised underwriting

"Prioritising customer experience is at the forefront of everything we do," added Brychcy. "With Plaid's integration, we're able to streamline onboarding and enhance credit decisioning for an even smoother customer journey."

Brian Dammeir, Head of Europe at Plaid said, “SMEs are the backbone of the UK economy. We’re delighted to play our part in helping Capital on Tap make it easier for SMEs to seek mission-critical funding.” 

Capital on Tap's expansion of its Plaid partnership to the UK ushers in a new era of automated and insightful lending solutions for British small businesses. As an innovator committed to empowering SMEs, Capital on Tap will continue building the best business credit card and spend management platform focused on its customers' unique needs.

About Capital on Tap

Capital on Tap makes it easy for small businesses to manage their business spending, access funding, and earn cash back, travel, and gift card rewards. Over 200,000 small businesses have spent more than £10 billion on their Capital on Tap Business Credit Cards across the US and UK. They were recently recognised by The Sunday Times and the Financial Times as one of Britain and Europe’s fastest growing businesses, respectively.

About Plaid

Plaid is a global data network and open finance provider that powers the tools millions of people rely on to live a healthier financial life. Our ambition is to facilitate a more inclusive, competitive, and mutually beneficial financial system by simplifying payments, revolutionising lending, and leading the fight against fraud. Plaid works with over 8,000 companies including fintechs like Moneybox and Venmo, several of the Fortune 500, and many of the largest banks to empower people with more choice and control over how they manage their money. Headquartered in San Francisco, Plaid’s network spans over 12,000 institutions across the UK, Europe, US and Canada.

© 2024 New Wave Card LP dba Capital on Tap Business Credit Cards are issued by WebBank in the US.

© 2024 New Wave Capital Limited (trading as Capital on Tap) is a private limited company incorporated in England and Wales. 

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