In an exciting development for the UK’s small and medium-sized enterprises (SMEs), Capital on Tap has extended its successful partnership with Plaid. Building on their US collaboration, which began in January 2023, the duo is now bringing enhanced, efficient funding access to UK businesses.
A Transatlantic Success Story
Capital on Tap, trusted by over 200,000 businesses for its credit card and spend management platform, has been leveraging Plaid’s open banking infrastructure to reduce friction in the lending process in the US. The partnership has improved risk analysis and increased approval rates for American SMEs. Now, this successful model is set to transform the UK market.
Empowering UK SMEs
“SMEs are the backbone of the UK economy,” said Brian Dammeir, Head of Europe at Plaid. “We’re delighted to play our part in helping Capital on Tap make it easier for SMEs to seek mission-critical funding.”
Capital on Tap’s CEO, Damian Brychcy, echoed this enthusiasm: “We’re excited to extend our partnership with Plaid to our UK market. By leveraging Plaid’s open banking infrastructure, we’re able to provide SMEs with faster, more efficient access to funding, empowering them to grow and succeed.”
The Benefits of Plaid’s Integration
The integration with Plaid brings several key benefits:
- Streamlined Onboarding: Plaid’s secure connectivity simplifies the customer onboarding process, allowing businesses to quickly and securely link their bank accounts to Capital on Tap.
- Smoother Funding Process: With access to over 12,000 banking institutions via Plaid’s open banking APIs, including 90% business banking coverage across Europe, more businesses can connect their financial accounts with ease.
- Enhanced Credit Decisioning: Plaid’s advanced analytics provide Capital on Tap with deeper insights into each business’s financial health, enabling more accurate and personalized credit decisions.
These features collectively signify a leap forward in how UK SMEs manage and access their finances. The streamlined onboarding and improved credit decisioning processes enhance the overall customer journey, making lending more accessible and tailored to individual business needs.
Looking Ahead
As Capital on Tap continues to innovate, this partnership with Plaid sets the stage for a new era of SME lending in the UK. “Prioritizing customer experience is at the forefront of everything we do,” added Brychcy. “With Plaid’s integration, we’re able to streamline onboarding and enhance credit decisioning for an even smoother customer journey.”
Capital on Tap is committed to empowering SMEs on both sides of the Atlantic, building the best business credit card and spend management platform for small businesses. This partnership marks a significant milestone in their mission to support the backbone of the UK economy.
