Capital on Tap, a provider of credit cards and spend management platforms for small businesses, has expanded its collaboration with Plaid, an open banking infrastructure provider, into the UK.

Capital on Tap will utilize Plaid's open banking structure to simplify acquiring funding for the UK's small and medium-sized enterprises (SMEs).

This strategic implementation of Plaid's open banking with Capital on Tap in the UK is expected to promote efficient lending practices, tailored to individual businesses' financial status and needs. The partnership aims to enhance customer experience, streamline onboarding, and support businesses by offering them quick and efficient access to funding.

Analyst QuickTake : This partnership follows on from a successful partnership between the two entities in the US, which led to a more effective lending process and a higher approval rate for American SMEs.