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Top 5 Best Challenger Banks: Capital on Tap

Last month, we asked Paybefore.com visitors to vote for the Best Challenger Banks—the ones shaking up the status quo with a legitimate chance to become the preferred accounts for their target consumers, not just a stepping stone to the big banks.

For the next few weeks, we’ll be sharing our spotlight articles on these challengers, so you can evaluate them for yourselves. In this installment, get to know Capital on Tap, which had the third most votes.

Company Name: Capital on Tap

Location: London

Opened for Business: 2012

Banking License: No

Investors/Funding: Private

Flagship product/proposition: Up to £25,000 (US$32,000) credit lines to help business owners grow their business, coupled with a Capital on Tap Business Mastercard. Zero percent interest on card purchases for up to 37 days when the account balance is paid in full each month.

Secret Sauce: Capital on Tap promises a quick credit decision to all applications (80 percent of decisions are made within a minute, remaining 20 percent are within an hour) and rewards active customers with increased spending limits and reduced interest rates through regular account reviews.

Target customers: All business owners in the U.K., be it a limited company, sole trader, partnership, freelancer, etc.

Active customers: 30,000

Growth strategy: Capital on Tap is currently investigating new features to be released over the next two quarters to create a better business banking experience for all business owners in the U.K. Announcements forthcoming.

Why do you deserve to be on this list? Capital on Tap’s mission has always been to provide SMEs around the U.K. with quick and pain-free access to extra cash flow and business banking. Our customer service team always go the extra mile to ensure all customer queries are resolved quickly and efficiently, resulting in 98 percent of our customers rating us as Excellent or Good on Trustpilot.

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