As part of a new interview series, Matt Hyde, Director of Recruit121 and FinTech Awards Wales, talks to a whole host of professionals in and around Wales’ thriving FinTech Sector.
This week Matt caught up with Jon Bartlett Head of Global operations at Capital on Tap.
1. Can you provide an overview of Capital On Tap and how your services contribute to the broader Fintech ecosystem?
Having served over 200,000 small businesses in the US and the UK, Capital On Tap is a trusted business credit card and spend management platform. We simplify the process for small businesses to manage their spending, access funding, and benefit from rewards like cashback, travel perks, and gift cards. As a rapidly growing business ourselves, we understand the challenges that new and emerging firms face, and our mission is to disrupt the traditional methods small businesses use to access working capital.
In contributing to the broader FinTech ecosystem, we work collaboratively, learning from others while sharing our expertise through blogs and round table discussions. This commitment to collaboration and knowledge-sharing helps businesses collective success and fosters growth across the industry.
2. How has Capital On Tap evolved since its inception, and what have been some key milestones?
Capital On Tap has evolved significantly since its inception, driven by a mission to meet the needs of small businesses. Initially focused on business loans, the company expanded its offerings to include business credit, all while ensuring the products remained tailored to small business customers. A key milestone was the development of a sophisticated credit model and application process designed specifically to support these businesses. The integration of advanced technology allowed Capital On Tap to facilitate fast applications and approval processes, providing access to capital within just 10 minutes.
As part of its global expansion, Capital On Tap entered the US small business market, further broadening its reach. Another major development was the establishment of a centralised customer support centre in Cardiff, which serves all global customers. The company maximised the use of technology in its customer service functions to deliver an exceptional level of support to businesses worldwide.
3. How does this sponsorship align with Capital On Tap’s values and mission, particularly in terms of social impact and corporate responsibility?
This sponsorship aligns with Capital On Tap’s values and mission by demonstrating the company's commitment to evolving based on customer needs and enabling small businesses to thrive. As corporate social responsibility is a priority for its customers, Capital On Tap ensures its own practices uphold high standards. These include in-office recycling, supporting local and national charities, and ensuring accessibility in its products and services.
The sponsorship also reinforces Capital On Tap's role as a visible leader in the Welsh FinTech industry. Supporting initiatives like the FinTech for Good category aligns closely with the company’s values of giving back to the community and fostering positive social impact. This approach not only strengthens its ties to the FinTech sector but also reinforces its corporate responsibility to its customers and the broader community.
4. Why is it important for the Fintech industry to focus on ‘Fintech for Good', and what impact do you hope this award will have?
It is important for the FinTech industry to focus on ‘FinTech for Good' because innovation must be pursued in a sustainable and responsible way. As the world faces increasing environmental challenges, it is crucial that financial technologies are developed with a focus on protecting global resources. This ensures that the solutions not only meet customer needs but also align with ethical and sustainability standards.
By prioritising ‘FinTech for Good', the industry can support businesses that actively contribute to the well-being of communities and the environment. This approach helps customers meet their own ethical requirements and fosters a more responsible ecosystem. The hope for this award is that it will inspire other companies to innovate with sustainability in mind, encouraging businesses to balance growth with social and environmental responsibility. It also highlights the role of FinTech in supporting ethical practices and driving positive impact across industries.
5. In your view, what does ‘Fintech for Good' mean, and why is it becoming increasingly important in today’s financial landscape?
‘FinTech for Good' refers to the recognition that businesses in the financial technology space have a unique opportunity to drive positive change. It means using innovation not just for profit, but for the benefit of employees, customers, local communities, and society as a whole. This concept challenges the status quo by encouraging companies to seek out new, sustainable ways to operate, ensuring that technological advancements are aligned with ethical practices and contribute to long-term social and environmental well-being.
In today’s financial landscape, ‘FinTech for Good' is becoming increasingly important as customers and stakeholders demand more responsible business practices. The expectation is that companies not only provide innovative solutions but also consider their impact on society and the environment. This shift towards responsible innovation ensures that growth in the FinTech industry benefits both people and the planet, making it a crucial element of modern business strategy.
6. How do you see Fintech companies balancing profitability with social impact?
FinTech companies can balance profitability with social impact by embedding both goals into their core values and approach. Achieving this balance requires a clear commitment to ensuring that social responsibility is not treated as an afterthought, but as an integral part of the business model. While profitability remains essential, companies must remain focused on their overarching objectives and maintain a deep understanding of their customer base, including their ethical expectations.
By aligning innovation and growth strategies with social impact goals, FinTech firms can achieve sustainable profitability while also creating meaningful value for their customers, communities, and society. This dual focus enables companies to remain competitive and responsible in an evolving market.
7. What are some of the biggest challenges Capital On Tap faces in the Fintech industry?
One of the biggest challenges Capital On Tap faces in the FinTech industry is keeping up with the rapid pace of change. The industry evolves quickly, and staying ahead requires constant innovation and adaptability. While emerging technologies like Artificial Intelligence (AI) offer exciting possibilities, there is also the challenge of finding the right balance between pushing the boundaries of what technology can achieve and ensuring that these advancements remain aligned with the actual needs and requirements of customers.
Maintaining this balance is crucial for Capital On Tap, as technological innovations must enhance the customer experience without losing sight of the core mission: supporting small businesses and meeting their specific needs in a fast-changing landscape.
8. How does Capital On Tap address regulatory and compliance issues that arise in Fintech?
Capital On Tap addresses regulatory and compliance issues by ensuring that the fast pace of innovation does not come at the expense of meeting regulatory requirements. While the company operates in a rapidly changing industry, it remains committed to staying compliant with all regulations. This means maintaining a strong awareness of potential risks and ensuring that any issues are identified and addressed quickly.
Operating in a regulatory environment doesn’t slow down Capital On Tap’s agility. Instead, the company ensures that robust processes are in place to manage risks effectively, enabling it to adapt and course-correct when necessary while continuing to deliver fast, efficient services to its customers.
9. How does Capital On Tap ensure that it meets the evolving needs of its customers?
Capital On Tap ensures it meets the evolving needs of its customers by actively listening to customer feedback and sentiment. The company is committed to constantly learning and updating its processes to adapt to the ever-changing requirements of its customers. By embracing complaints as essential feedback, Capital On Tap identifies areas for improvement and takes corrective actions. The company tests new ideas continuously, adopting a “fail fast” approach to learn quickly from mistakes and improve solutions. Additionally, they monitor competitors and the evolution of new technologies to stay ahead in delivering customer-focused solutions.
10. How does the Capital On Tap view the Fintech industry’s current state in Wales, and what potential do you see for its future?
Capital On Tap views the FinTech industry in Wales as exciting and full of potential. The company is increasingly moving developer and engineering roles into Cardiff, seeing it as a great opportunity to tap into technical talent beyond its London head office. Wales offers a rich pool of talent, with strong potential emerging from its universities and colleges. As Capital On Tap continues to grow, the Cardiff operation is viewed as a prime location to attract exceptional talent, which will be key in supporting the company’s future expansion.
11. How did you enjoy the interview and judging process
I thoroughly enjoyed the interview and judging process. This was our third year being involved with the FinTech Wales Awards programme, and it’s always an honour to be one of the sponsors. It’s a fantastic opportunity to share our story, with the hope of inspiring others in the industry. Being part of the judging process is equally rewarding, as it allows us to hear about the exciting success and growth within other FinTech firms in Wales. It's truly inspiring to witness the thriving innovation in the region.
12. Finally favourite book you have read and why?
My favourite book is Unreasonable Hospitality by Will Guidara. Though it focuses on the restaurant industry, its lessons resonate deeply with the aims and objectives of Capital On Tap's service delivery to customers. The book emphasises pushing boundaries, piloting new ideas, and constantly reinventing how things are done—all of which are essential for staying ahead in any business. Its core message of never losing sight of your customers and always finding new and exciting ways to delight them perfectly aligns with how we strive to serve our customers at Capital On Tap.