Business

Capital on Tap secures Europe's largest non-bank credit card ABS with £500 million

Friday, 21 November 2025 4:27PM UTC

Capital on Tap has announced the largest ever non-bank credit card ABS in Europe, raising £500 million to bolster small business support in the UK and US, highlighting growing investor confidence in fintech innovation.

Capital on Tap, a business credit card and spend management platform, has secured a substantial £500 million funding package through its third asset-backed securitisation (ABS), known as 'London Cards 3'. This deal marks the largest non-bank credit card ABS ever issued in Europe, illustrating robust investor confidence with investment-grade ratings on all bonds issued. The transaction was structured and distributed by a syndicate of global financial institutions, including BNP Paribas, Citi, Lloyds, Societe Generale, and SMBC Group acting as Joint Lead Managers. According to the company, this significant injection of capital aims to accelerate product development and strengthen support for small businesses, particularly across the UK and US markets.

This latest funding round complements earlier expansions of Capital on Tap's financing capabilities. The firm had previously secured two major funding facilities totalling £750 million, including a landmark £550 million Master Trust facility established with BNP Paribas and Citi. This trust is notable for being the first non-bank credit card master trust set up in Europe since 2015. Additionally, Capital on Tap doubled its revolving credit facility from £100 million to £200 million with funds managed by Blue Owl Capital, further enabling operational growth across both regions.

Moreover, the company's funding capacity expanded even further with an additional £650 million, bringing the total Master Trust facility to £1.2 billion. This expansion included new partnerships with SMBC Group, Societe Generale, and Lloyds, diversifying Capital on Tap’s funding base and supporting scaling to meet growing small business demand. Innovative structuring involving HSBC also forms part of this expanded funding framework.

On the US front, Capital on Tap has secured a $200 million funding facility with HSBC and Värde Partners. This investment is aimed at bolstering the company's expansion in the US market, where it has been operating since March 2021. Capital on Tap has provided over $5 billion in funding to more than 125,000 small and medium-sized businesses between the UK and the US, demonstrating its significant role in helping businesses recover following economic challenges related to the pandemic. The company offers business credit cards with leading employee spending controls, reporting tools, and rewards programmes, positioning itself as a key player in SME financial solutions.

In the broader European tech scene, this sizeable funding round reflects the ongoing investor appetite for fintech companies that are innovating in small business credit and spend management. Capital on Tap's ability to attract high-profile financial institutions as partners highlights confidence in its business model and growth trajectory. Meanwhile, Europe as a whole continues to nurture tech startups across a range of sectors, as highlighted by other recent deals and industry developments. Notably, the second round of speakers for the upcoming Tech.eu Summit London 2026 has been announced, focusing on cutting-edge topics such as AI, fintech, climate tech, and deeptech, underscoring the vibrant ecosystem in which Capital on Tap operates.

This wave of funding and growth within fintech and adjacent sectors comes amid broader UK government announcements promising billions of pounds in AI investment, including the creation of a Sovereign AI Unit, signalling a strong policy push towards innovation-driven economic development.

📌 Reference Map:

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^[2] (Capital on Tap newsroom) - Paragraph 1
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Source: Noah Wire Services

More on this

https://tech.eu/2025/11/21/capital-on-tap-secures-500m-the-second-round-of-speakers-for-the-tech-eu-summit-2026-and-how-eqt-uses-ai/ - Please view link - unable to able to access data
https://www.capitalontap.com/en/company/newsroom/posts/capital-on-tap-closes-500m-funding-deal/ - Capital on Tap, a business credit card and spend management platform, has successfully closed 'London Cards 3,' its third asset-backed securitisation (ABS), securing a £500 million funding package. This deal, the largest non-bank credit card ABS ever issued in Europe, aims to accelerate product development and support small businesses. The transaction achieved investment-grade ratings on all bonds issued, reflecting strong investor confidence. The deal was structured and distributed by a syndicate of leading global financial institutions, including BNP Paribas, Citi, Lloyds, Societe Generale, and SMBC Group, acting as Joint Lead Managers.
https://tech.eu/2025/11/20/revealing-the-second-round-of-speakers-for-the-techeu-summit-london-2026/ - Tech.eu has unveiled the second round of speakers for the Tech.eu Summit London 2026, scheduled for 21–22 April 2026 at the Queen Elizabeth II Centre in London. The event will feature discussions on artificial intelligence, fintech, climate tech, deeptech, and other sectors shaping the future of business and society. The newly announced speakers include Deepka Rana from Northzone, Maren Bannon from January Ventures, Max Ohrstrand from SoftBank Investment Advisers, Maximilian Wilhelm from Left Lane, Michael Tefula from Ada Ventures, Nadja Reischel from Cherry Ventures, Randal Whitmore from Ada Health, Rose Hulse from ScreenHits TV, Will Bennett from Seedcamp, and Yana Abramova from Pretiosum VC.
https://www.capitalontap.com/en/company/newsroom/posts/750-million-funding-facilities/ - Capital on Tap has secured two major funding facilities totalling £750 million to fuel its expansion and enhance support for small businesses in the UK and US markets. The £550 million Master Trust facility, established with BNP Paribas and Citi, marks the first non-bank credit card master trust created in Europe since 2015. Additionally, the company has doubled its existing revolving credit facility with funds managed by Blue Owl Capital from £100 million to £200 million, supporting operations across both markets.
https://www.capitalontap.com/en/company/newsroom/posts/additional-650-million-in-funding/ - Capital on Tap has announced a major expansion of its funding capabilities, raising an additional £650 million to bring its groundbreaking Master Trust facility to a total of £1.2 billion. This expansion includes new partnerships with SMBC Group, Societe Generale, and Lloyds, further diversifying the company’s funding base and enabling it to scale operations to meet growing demand from small business customers. The expansion also includes the innovative structuring of Capital on Tap’s exposures with HSBC into the Master Trust.
https://www.capitalontap.com/us/company/newsroom/posts/capital-on-tap-secures-200m-funding/ - Capital on Tap has secured a $200 million funding facility with HSBC and Värde Partners to support its continued growth in the US market. The company, which launched in 2012, has provided over $5 billion of funding to more than 125,000 small and medium-sized businesses across the UK and US. This new investment offers Capital on Tap the opportunity to bolster its expansion in the US, where it has been operating since March 2021, helping small and medium-sized businesses recover following the pandemic’s economic downturn.
https://www.capitalontap.com/en/company/newsroom/posts/capital-on-tap-has-secured-a-200m-funding-facility-with-hsbc-and-vaerde-partners-to-support-continued-us-growth/ - Capital on Tap has secured a $200 million funding facility with HSBC and Värde Partners to support its continued growth in the US market. The company, which launched in 2012, has provided over £3.5 billion of funding to more than 125,000 small and medium-sized businesses across the UK and US. Recognised by Forbes as one of the UK’s fastest growing businesses, this new investment offers Capital on Tap the opportunity to bolster its impressive expansion in the US. Capital on Tap provides business credit cards with leading employee spending controls, reporting, and rewards.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 10

Notes: The narrative presents recent developments, including Capital on Tap's £500 million funding deal announced on 19th November 2025 and the second round of speakers for the Tech.eu Summit London 2026 announced on 20th November 2025 . These events are current and have not been previously reported, indicating high freshness. The inclusion of a press release from Capital on Tap adds credibility and timeliness to the information.

Quotes check

Score: 10

Notes: Direct quotes from Capital on Tap's CEO, Damian Brychcy, are consistent across the company's official press releases, such as: "This funding milestone represents not only the trust our partners have in Capital on Tap but also our dedication to simplifying the financial lives of small business owners." This consistency suggests the quotes are original and not recycled from other sources.

Source reliability

Score: 10

Notes: The narrative originates from Tech.eu, a reputable European technology news outlet, and includes direct quotes from Capital on Tap's official press releases. This combination of sources enhances the reliability and credibility of the information presented.

Plausability check

Score: 10

Notes: The claims regarding Capital on Tap's £500 million funding deal and the second round of speakers for the Tech.eu Summit London 2026 are plausible and align with recent developments in the fintech sector. The narrative provides specific details, such as the involvement of BNP Paribas, Citi, Lloyds, Societe Generale, and SMBC Group in the funding deal, which are verifiable and consistent with known industry practices. The inclusion of the Tech.eu Summit London 2026 speakers adds context and relevance to the narrative.

Overall assessment

Verdict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative presents current and original information, with consistent and verifiable quotes from reputable sources. The details provided are plausible and align with recent developments, indicating a high level of credibility and timeliness.

Fintech
SME finance
Asset-backed securitisation