Digital lending platform Capital on Tap has secured a $200m funding facility from HSBC and Värde Partners.

Capital on Tap will use the proceeds to support its US expansion plans, which include hiring new employees.

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The fintech is focused on offering credit to small and medium-sized businesses in the UK and US, where it launched its credit card in March 2021.

Capital on Tap CFO Alan Hart commented: “With the closing of this facility we are looking forward to expanding our ability to provide essential funding for small businesses across the United States. We are thrilled to be joined in this mission with Värde Partners as well as extending our already international relationship with HSBC.”

Capital on Tap’s offerings includes a business credit card with spending controls, reporting and rewards.

Since its inception in 2012, the UK-based fintech is said to have offered around £3.5bn in funding to over 125,000 SMEs across its markets.

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Värde Partners partner and global co-head of financial services Aneek Mamik said, “We are pleased to establish a partnership with Capital on Tap as they continue successfully expanding by providing faster and simpler working capital and payments tools to empower business owners.

“We see this as a good example of an emerging substantial investable opportunity set for us, providing capital solutions to digitally-oriented non-bank lenders that are financing the needs of businesses investing in their products and customers.”

In October 2021, Capital on Tap secured a £450m funding facility from Atalaya Capital Management, BNP Paribas, and HSBC to support their UK business.