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Capital on Tap, a United Kingdom-based provider of business credit cards, is growing in Atlanta after accessing a new $200 million funding facility to support its U.S. growth.
The company first set up shop in Atlanta, known as the payments capital of the United States, last March as it introduced an American version of its business Visa credit card, which offers spending controls, user assignments, 1.5 percent cash back and other features designed to help small companies manage expenses and grow their business.
Issued by WebBank, the cards carry a $199 annual fee and can be approved for an up to $50,000 credit limit.
Already, Capital on Tap’s “North American home” has hired 50 people at its Ponce City Market offices and features 12 open roles on its website including important positions like its global head of fraud.
The 200-person company says it’s “dual-headquartered” in Atlanta and London, and it also operates an office in Cardiff, Wales.
The facility was provided by British-based bank HSBC, an existing partner of Capital on Tap, and Värde Partners, an alternative investment firm based in Minneapolis.
Founded in 2012, Capital on Tap has provided more than $3.5 billion in funding for more than 120,000 businesses.