LONDON–(BUSINESS WIRE)–Marqeta, the main world trendy card issuing platform, immediately introduced it has helped one of many UK’s fastest-growing corporations, Capital on Faucet, to broaden its small enterprise credit score lending providers to Spain. Capital on Faucet will likely be utilizing Marqeta to energy fee processing for its small enterprise bank card, providing a working capital facility of as much as €50,000 for small companies. Capital on Faucet’s new Spanish customers will likely be supplied with a brand new, Marqeta-powered bank card, providing small companies a sooner and extra clear option to fund their enterprise.
Utilizing Marqeta, Capital on Faucet permits Spanish SMEs to entry funding in a extra streamlined and frictionless method. Its on-line onboarding processes imply prospects don’t want to go to their bank and wait weeks for a response; as an alternative, selections on funding will be made inside a day. As well as, Marqeta-powered bank cards present extra appropriate strains of credit score, whereas enabling better customisation, expense monitoring, and categorisations to fulfill the wants of small companies.
“As the world begins easing COVID-19 restrictions, SMEs will be looking for accessible funding to help them get back up and running again. But to date, businesses globally have faced several issues trying to access working capital from state-backed schemes, while banks are taking longer to respond and are more reluctant to lend. As a result, SMEs have been unable to access useful lines of credit focused on their needs,” stated Ruben Vidal, the Spanish MD for Capital on Faucet. “With Marqeta, we’re able to address several of these issues right away. Our quick and easy processing means SMEs can focus on running their businesses, instead of jumping through hoops to secure the funding they need. We expect to issue millions of Euros to Spain’s 3 million sole traders and small businesses within 2020 and beyond, supporting their plans to reopen, grow and prosper.”
Marqeta’s easy API-driven strategy made it easy for Capital on Faucet’s techniques and builders to customize the cardboard programmes to fulfill the wants of the Spanish market. The staff was in a position to replicate its current card programme within the UK with a couple of modifications – for instance, switching currencies and lending standards. This helped to make sure all prospects and funds are configured and processed in the identical method, by one central world platform, lowering operational overheads.
“Launching a new card programme in a new region can be extremely complex. With other providers it would potentially involve an entirely new build, but with Marqeta it was surprisingly easy – we could essentially copy and paste our UK model across, with a few small but essential tweaks to ensure it was a perfect fit for the market,” added Zoe Newman, Capital on Faucet’s Head of Worldwide Growth. “Using our existing Marqeta sandbox environment we were able to begin testing as soon as we were ready. The Marqeta team was very responsive and on-call to help with any of our questions. If we’d had to start from scratch with another third-party provider, it would have taken over 6 months, but once we made the decision it only took a couple of days to get everything up and running. It has also provided us with a blueprint for future expansions across Europe and the US in years to come.”
Marqeta is the main world trendy card issuing platform, offering probably the most superior infrastructure and instruments for constructing extremely configurable fee playing cards. With its open API, the Marqeta platform is designed for innovators who desire a simplified method of managing fee packages in order that they will create world-class experiences and energy new modes of commerce. Marqeta is headquartered in Oakland, California. For extra info, go to www.marqeta.com, Twitter and LinkedIn.
About Capital on Faucet
Based in 2012, Capital on Faucet is on a mission to assist small companies thrive. The corporate believes small enterprise homeowners are the muse for progress within the economic system. Capital on Faucet has partnered with over 100,000 small companies throughout the UK and offered over £1.5 billion in funding to prospects starting from freelance designers to pub homeowners to solicitors. For extra info, please go to www.capitalontap.com.