This landmark transaction further solidifies the company’s position as a leading provider of innovative financing solutions for small and medium-sized businesses.

London Cards No.2, which closed on 16 April 2024 and raised £350 million, surpassing the original target of £250 million due to overwhelming investor demand. This represents a significant expansion from the London Cards No.1 which raised £250 million.

"Our small business customers are the driving force behind everything we do," said Damian Brychcy, CEO of Capital on Tap. "The tremendous success of London Cards No.2, nearly tripling our investor base from 7 to 21, is a testament to the market’s confidence in our ability to meet the financing needs of small business owners. This £350 million funding will allow us to significantly expand access to the products small businesses need to thrive and grow."

Rob Tanna-Smith, Executive Director, at J.P. Morgan said: "We are pleased to support Capital on Tap on their second public ABS transaction. This transaction provides additional funding diversity to Capital on Tap and we are delighted to continue to support the company in their growth as a credit card provider to SMEs across the UK."

John Millward, Managing Director at HSBC said: “This is a fantastic achievement for Capital on Tap and an important milestone in further building and diversifying their funding platform. Following their landmark first issuance in 2023, HSBC is again incredibly proud to support this highly successful second transaction which represents a real step-change: delivering a significantly expanded investor base and a meaningful reduction in the overall cost of funds, while also allowing for the transaction to be upsized.”

Julien Terrettaz, Director at BNP Paribas, commented: “We are delighted to have supported Capital on Tap in its second ABS transaction. It’s a remarkable achievement for the company; the deal was upsized on the back of strong investor demand despite the relative novelty of the asset class, which underscores their continued efforts in the capital markets.”

With London Cards No.2, Capital on Tap reinforces its commitment to financial innovation in service of the small business community. As the company expands its offerings, this new facility ensures Capital on Tap is well-positioned to better support small businesses into the future.