Saturday, June 15, 2024

Capital on Tap and Plaid Partner in the UK for Streamlined SME Underwriting

The small business credit card and spend management platform trusted by over 200,000 businesses, Capital on Tap and Plaid partner in the United Kingdom. This builds upon Capital on Tap and Plaid’s successful partnership in the US, which began back in January 2023.

Capital on Tap will now be able to leverage Plaid’s open banking infrastructure to provide UK small and medium-sized enterprises (SMEs) with more efficient access to funding.

“SMEs are the backbone of the UK economy”, 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”.

A Transatlantic Partnership

Capital on Tap began integrating Plaid’s open banking capabilities in the U.S., reducing friction in the lending process, improving risk analysis, and increasing approvals for American SMEs.

Given the success of this integration, Capital on Tap has now decided to expand the integration to the UK. Capital on Tap hopes to build a long-lasting partnership across the two regions and drive mutual growth.

“At Capital on Tap, 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 small and medium-sized enterprises with faster, more efficient access to funding, empowering them to grow and succeed. The seamless integration with Plaid has streamlined our lending process, allowing us to better serve our customers with ease, speed, and unwavering support.” Damian Brychcy, CEO of Capital on Tap

The Benefits of Integrating With Plaid

Plaid’s integration brings a suite of benefits to Capital on Tap, including:

  • Streamlined onboarding via secure connectivity: Plaid’s secure open banking connectivity simplifies the customer onboarding process. This feature allows businesses to quickly link their bank accounts to Capital on Tap, ensuring a smooth and secure data transfer.
  • Smoother funding process through extensive bank coverage: Plaid facilitates secure connectivity to over 12,000 banking institutions via open banking APIs, including over 90% business banking coverage across Europe. This comprehensive bank coverage ensures that a broader range of businesses can connect their financial accounts without hassle.
  • Enhanced credit decisioning with advanced analytics: Plaid’s advanced insight analysis capabilities power more accurate and personalised credit decisioning by Capital on Tap. By harnessing a deeper, data-driven comprehension of each business’s financial well-being, Capital on Tap gains enhanced insights into their small business customers’ finances, facilitating a better understanding of their credit needs.

Together, these features and benefits mark a significant step forward in how UK SMEs access and manage their finances. Capital on Tap’s integration with Plaid makes lending more accessible and responsive to each business’s individual circumstances.

“Prioritising customer experience is at the forefront of everything we do. With Plaid’s integration, we’re able to streamline onboarding and enhance credit decisioning for an even smoother customer journey.” Damian Brychcy, CEO of Capital on Tap

What’s Next?

Capital on Tap’s integration with Plaid signals a new era of lending for UK SMEs. Businesses can now access lending solutions that are automated, insightful, and personalised to their real-time financial profile.

“As we look ahead, Capital on Tap is committed to continuing our journey of innovation and customer-centric solutions. We’re focused on empowering UK and US SMEs by building the best business credit card and spend management platform for small businesses.” Damian Brychcy, CEO of Capital on Tap

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