Below, Damian shares insights into Capital on Tap’s partnership with Codat, the benefits, and the trends shaping the B2B fintech space.
Could you introduce yourself and your role at Capital on Tap?
Absolutely. I’m Damian Brychcy, the CEO of Capital on Tap. We specialize in providing credit cards tailored specifically for small businesses. We’ve been in the business for over a decade now, serving a vast network of over 200,000 small businesses across the UK and the US.
What sets Capital on Tap apart?
Our mission is all about simplifying the lives of small business owners. We focus on those micro and small-scale businesses, like a florist in Iowa or a plumber in Brighton. These folks are busy running their businesses and don’t want to fuss over finances. So, our aim is to streamline everything for them. Customers come to us primarily for three reasons: to improve cash flow, to run their business more efficiently, or simply for our best-in-class rewards program.
Could you tell us about your partnership with Codat and its impact on your business?
We teamed up with Codat back in 2021 to tackle a common headache. We had a few accounting integrations in place, but managing and maintaining them all was becoming quite a task for our development team. Codat offered a solution that allowed us to seamlessly integrate with various accounting platforms, saving us valuable time and resources.
This partnership has been instrumental in providing our small business customers with the ability to sync their Capital on Tap transactions directly with their accounting software, making their lives much easier.
What benefits have you observed from customers connecting their Capital on Tap account to their accounting software?
The benefits have been significant. When our customers link their Capital on Tap accounts with their accounting software, they spend considerably less time on financial tasks.
We’ve noticed that these customers are twice as likely to make us their primary credit card provider for their businesses, and they’re also three times less likely to switch away from us. It’s a win-win situation economically for us and a major convenience for our small business customers.
In addition to being a Codat client, you’re also a valued member of our Product Advisory Board. What motivated you to join?
Joining Codat’s Product Advisory Board was an exciting opportunity for me. Firstly, it’s an opportunity for us to directly influence Codat’s roadmap, ensuring that the needs of our small business customers are heard and addressed. Secondly, it’s a chance to learn from other leaders in fintech and finance, exchanging best practices and uncovering new insights to further enhance our products.
What are the key trends shaping the B2B fintech space, and how do you anticipate these trends evolving?
At Capital on Tap, we’re aligning with this trend by expanding our offering beyond credit and payments to include a best-in-class savings and interest-earning account in 2024. It’s all about providing a comprehensive and user-centric financial solution for small business owners.
What’s next for Capital on Tap?
We’re embarking on the next phase of our journey by diversifying our product lineup and venturing into new territories. Our upcoming launch of a savings and interest-earning account marks a significant expansion beyond our traditional offerings. Ultimately, our goal remains the same: to provide small business owners with a better, easier way to manage their finances and run their businesses effectively.
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© 2024 New Wave Card LP dba Capital on Tap Business Credit Cards are issued by WebBank in the US.
© 2024 New Wave Capital Limited (trading as Capital on Tap) is a private limited company incorporated in England and Wales.