Financial technology startup Capital on Tap is tripling its Atlanta office footprint.
The company, dual headquartered in London and Atlanta, spent a year of establishing a presence in the U.S. in its 1,100-square-foot office in Ponce City Market, a development along the Eastside BeltLine that's popular among tech companies.
The new space, a few blocks from the High Museum of Art on Peachtree Street, will fit up to 120 employees, Capital on Tap Chief Operating Officer Damian Brychcy said.
Capital on Tap provides funding for small- and medium-sized businesses through its business credit card, issued by WebBank. The company recently raised a $200 million funding facility from Värde Partners and HSBC Bank to provide lines of of credit to its customers.
The company plans to grow its team from 50 to 100 by the end of the year with most of those hires located in Atlanta. The hires will be customer support, marketing and business operations.
Emory University graduate David Luck launched the company in 2012 in the United Kingdom. The company has more than 60,000 customers in the U.K.
In March of last year, the company launched its U.S. presence and established another headquarters in Atlanta, a landing strip for fintech companies. In Capital on Tap's first year in the U.S., it grew to 10,000 customers and reached a $20 million run rate, according to a company spokesperson. By the end of the year, the company looks to reach 30,000 customers $100 million run rate.
“[Atlanta] has legacy finance players but also emerging fintech players coming, so it's a great place to find talent,” Brychcy said. “We would like to cement ourselves as one of the leading Atlanta tech companies and build a brand around that.”
Atlanta is home to multiple, global payment processors, giving it the nickname "Transaction Alley." The city is a popular U.S. headquarters for London-based tech companies because of its international airport and easily managed time zone difference.
Luck and Brychcy also have family in the city, making the headquarters location that much easier.
The company looks to compete with traditional banks and Capital One, which also recently opened an Atlanta office. Brychcy believes Capital on Tap has an edge on competition thanks to the short time it takes to fill an application, how the product offers cash back rewards, sign up offers and the quality of service.
The company plans to release new features to its product in the next quarter, including an accounting integration, expense management platform, a mobile app and a virtual card that customers can access immediately after onboarding.
Within the last month, the company brought on David Poliner, former senior manager at Mailchimp, as its head of U.S. business operations and Kiera Wiatrak as its head of communications.
