Small businesses are the very essence of our communities, but building out a successful company — no matter the size — is no easy venture. A local fintech company is working to ensure these businesses have enough capital to continue shaping our lives. To further this mission, Capital on Tap is more than doubling the size of its footprint with a new office.
Dual headquartered in London and Atlanta, Capital on Tap offers businesses credit cards, issued by WebBank, with a limit of up to $50,000. Capital on Tap enables companies to apply for a card within two minutes and receive it in the mail four days following approval, according to its website. It also offers perks such as cash back on purchases, no annual fees and unlimited cards for each company.
Fintech is one of Atlanta’s most prominent industries, one reason Capital on Tap is deepening its presence here. Already 50 people strong, the company’s new office will seat up to 120 employees. It’ll be located near the High Museum of Art, occupying space in the WeWork coworking facility in The Boundary on Peachtree Street.
“This is the perfect time to catch the rising tide as Atlanta is blowing up as a world-renowned tech hub,” Damian Brychcy, COO of Capital on Tap, told Built In via email. “Not only are there a lot of key finance players in the city, but there are a lot of emerging fintech companies coming in. Add to that the diversity of the city and proximity to the airport, and you’ve got the perfect place to build an incredible business and find the best people to run it.”
Capital on Tap has already started on its hiring initiatives, having brought on David Poliner as its head of U.S. business operations and Kiera Wiatrak as head of communications over the past month. It plans to be at a full capacity with 120 employees by the end of the year, according to Brychcy, and is currently hiring across several departments. Available roles span business intelligence, fraud, customer operations and people teams.
Both Brychcy and the company’s CEO and founder David Luck are Atlanta natives, having graduated from Georgia Tech and Emory University, respectively. While in college, the two met abroad in London and developed Capital on Tap. The company has provided more than 125,000 small and mid-sized businesses (SMBs) across the U.K. and the U.S. with access to over $5 billion of funding since its launch in 2012.
Earlier this month the company raised a $200 million funding round co-led by HSBC Bank and Värde Partners to continue its growth. It put down roots in Atlanta with the launch of its business credit card last March to help SMBs offset the economic downturn caused by the pandemic. Capital on Tap is looking to further its services and U.S. expansion.
“With the closing of this facility we are looking forward to expanding our ability to provide access to essential funding for small businesses across the United States,” Alan Hart, CFO of Capital on Tap, said in a statement. “We are thrilled to be joined in this mission with Värde Partners as well as extending our already international relationship with HSBC.”