The new investment will enable the company to further help UK SMEs with funding.

Capital on Tap provides business credit cards with employee spending controls, reporting, and rewards.

Since its launch in 2021, the fintech firm has provided over £3.5bn of funding to more than 125,000 small businesses across the UK.

Alan Hart, CFO at Capital on Tap, said: “We are extremely pleased to be working with Atalaya, BNP Paribas and HSBC.

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“The provision of this funding facility will enable Capital on Tap to support a greater number of SMEs who are overcoming the economic effects of Covid-19. 

“Working remotely while reaching agreement on the facility created its own challenges, which we would not have conquered swiftly without the hard work and dedication on all sides.”

James Intermont, principal at Atalaya Capital Management, commented: “Capital on Tap has built a useful product that has helped thousands of small businesses in the UK meet their funding needs. 

“We are excited to support the firm’s continued growth in the UK and its underlying small business customers with this credit facility.”

Julien Terrettaz, vice-president at BNP Paribas, added: “Supporting fast-growing fintechs like Capital on Tap is core to our strategy. 

“We are excited to see its continued growth and we look forward to building on this relationship in the future.”