UK FinTech Capital on Tap has secured two major funding facilities totalling £750 million.

The first, a Master Trust facility worth £550 million, was provided by BNP Paribas and Citi.

The company, which provides business credit cards, says that the move marks the first non-bank credit card master trust created in Europe since 2015.

The money will be spent on expanding its business in the UK and US, with the FinTech saying that the funding would "significantly enhance the company's ability to scale operations".

Ghanem Al-Araj, managing director at BNP Paribas said: "BNP Paribas is pleased to have supported Capital on Tap in establishing the master trust transaction. This ongoing partnership showcases our commitment to support innovative companies like Capital on Tap to continue growing their lending business in the SME sector.”

In a separate transaction, Capital on Tap has doubled its existing revolving credit facility with funds managed by Blue Owl Capital from £100 million to £200 million.

"This is a game-changing moment for Capital on Tap," said Damian Brychcy, chief executive at Capital on Tap. "Creating Europe's first non-bank credit card master trust in nearly a decade showcases the scale we have built and opens up exciting possibilities for supporting even more small businesses."

---