Five questions for: David Luck, CEO of Capital on Tap

David Luck, CEO of Capital on Tap
Credit cards for small businesses have proved lucrative

What does your business do?

Capital on Tap lends money to small UK businesses, which are the backbone of our economy. It is increasingly difficult for small businesses to access the funding they need, so we have come up with a credit card specifically for them to help them grow. Our online application is quick, simple and hassle-free, providing customers with an instant decision without affecting their credit score.

What is your greatest achievement?

We recently surpassed £1bn of funding to more than 80,000 UK small businesses. This achievement is special for us as it’s a reflection of all the companies we’ve been able to help and the hard work the team has put in. To do it in less than seven years makes it even more satisfying.

What has been your biggest challenge?

Serving the diverse needs of small businesses. The UK has millions of them, all with very different requirements. This in turn demands lots of innovation and product development. For example, this year we have had to create reward points for card expenditure, integrate with accounting software and revamp our customer portal. Shipping all these features at speed has been a challenge.

What are your plans for hitting your targets?

Since 2016 we have doubled our customer base and revenue year-on year and plan to continue on this trajectory. We are determined to hit this target by continuing to listen to our customers. We will create the features they want in order to ensure we’re the best credit card for small businesses.

What’s the one piece of advice you’d give to fellow entrepreneurs?

The best piece of advice I can give is to listen to your customers. You can waste a huge amount of time building really cool features that nobody wants. Ask your clients what they want, test it quickly and react accordingly.