Small businesses are the backbone of the UK’s economy, but financial management can be challenging for new startups. Looking to make this easier, the embedded banking solutions provider, ClearBank, is launching a new embedded banking service for the small businesses’ credit card provider, Capital on Tap.
The partnership will see ClearBank provide business savings accounts integrated directly into Capital on Tap’s existing user portal. As a result, both new and existing customers will benefit from higher interest rates on their savings, as well as eligible deposits protected by FSCS when using a business savings account.
Opening a business saving account will be simple, as creation will take place through the existing Capital on Tap portal. This gives customers the flexibility to deposit funds from their nominated bank account and earn daily interest, with the peace of mind that they can instantly withdraw the funds when they need them.
Potential of embedded finance
John Salter, chief customer officer, ClearBank, said: “In integrating secure and reliable savings accounts into Capital on Tap’s portal, we have been able to demonstrate ClearBank’s growing embedded banking capability, enabling the company to expand its customer offering without compromising its seamless user experience.
“The external landscape and need for quick turnaround times have demanded the combination of innovation and security that ClearBank was created to deliver. We are delighted with the results and hope to use this as a basis for further collaboration in the future.”
The ClearBank solution enables small businesses to streamline their financial management in a secure manner. Its business model ensures that all UK deposits are held with the Bank of England.
Expanding on previous discussions
ClearBank and Capital on Tap started discussions in 2023, before agreeing heads of terms and beginning the implementation in April 2024. Following initial beta testing in October 2024, the savings accounts are now live for Capital on Tap customers, therefore making this the quickest embedded banking service ClearBank has brought to market. The companies are now in discussions about developing future solutions, that would further enhance Capital on Tap’s offering to its SME client base.
Alex Miles, chief operating officer, Capital on Tap, said: “As UK small businesses face growing pressures, we prioritised launching a high-interest savings solution to help our customers build financial security. We chose ClearBank as our partner for their proven track record in embedded banking and FSCS-protected savings accounts. Their understanding of our requirements enabled us to integrate these accounts in just over six months, accelerating our vision of becoming a comprehensive financial hub for SMEs.”
