Capital on Tap
“Can a UK SME credit card provider become the full financial management platform for small businesses by layering savings, open banking, and spend management on top of its credit card core?”
Founded as New Wave Capital Limited in 2012, Capital on Tap launched as a business credit card provider targeting UK SMEs, authorised as an EMI and consumer credit lender by the FCA. Over time it expanded beyond pure credit into spend management, expense tracking, and rewards (Avios, Virgin Points). A significant strategic move came in 2024–2025 with the addition of FSCS-protected instant savings accounts via ClearBank, signalling an evolution from single-product card issuer toward a broader SME financial OS. The Master Trust facility reaching £1.2 billion underscores a capital-markets-grade approach to balance sheet funding.