Is Capital on Tap legit? Regulation, complaints and who is behind it

The short answer

Capital on Tap is a real, established UK lender. The company behind it was incorporated in 2012, it has issued business credit cards since 2016, and it publishes its company number, its registered office, its FCA reference numbers and a complaints procedure with a route to the Financial Ombudsman. We have used its card for a few years and it has done what it says.

“Legit” is not the same as “right for you”, and a page that only reassured you would be doing half the job. There are things about the product that surprise people: it is not a bank, Section 75 protection does not apply, you sign a personal guarantee, the credit limit can be modest and a review can lower it, and rewards are forfeited if you fall behind. All of that is below, with the source for each point. So is our own interest in you applying, because you should know about it before you weigh what we say.

Who is behind Capital on Tap

Capital on Tap is a trading name. The legal entity is New Wave Capital Limited, and its website footer sets out the basics: “New Wave Capital Limited (trading as Capital on Tap) is a private limited company incorporated in England and Wales under registered number 07959823” with its registered office at 27 Old Gloucester Street, London WC1N 3AX. The credit agreement gives a trading address at Hylo Building, 103-105 Bunhill Row, London EC1Y 8LZ, and the complaints procedure gives a complaints team address in Cardiff.

The company’s own account of its history, on its About page, is that it “began as a small startup in London in 2012”, founded by David Luck, and started as a provider of fixed-term small business loans before releasing “the first version of the Capital on Tap business credit card” in 2016. It removed fees across its products in 2017, launched rewards in 2018, expanded to the United States in 2021 in partnership with WebBank, completed what it describes as its first public securitisation in 2023, and in 2024 the founder became Executive Chairman, with a new CEO, Damian, taking over (the About page gives only his first name). It launched preloading in 2024 and the Instant Savings account, powered by ClearBank, in 2025. It lists offices in London, Cardiff, Brighton, Manchester and New York.

One point of confusion worth clearing up: Capital on Tap has no connection with Capital One. The names are similar and the products are not; Capital One’s UK business issues personal credit cards, Capital on Tap issues business ones, and they are unrelated companies.

Regulation: what the FCA numbers actually cover

Capital on Tap’s footer states that it “is authorised and regulated by the Financial Conduct Authority (firm reference number 625592 in respect of consumer credit activities) and is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, firm reference 900922, for the issuing of electronic money.” Those are two different permissions doing two different jobs, and it is worth being precise about each.

The e-money permission (FRN 900922)

When we read the FCA register on 15 September 2026, FRN 900922 showed New Wave Capital Limited as an Authorised Electronic Money Institution since 20 March 2019. This is the permission that covers preloading, where you put your own money onto the account. Capital on Tap’s FAQ says the E-Money Facility Agreement “is regulated by the Financial Conduct Authority. This ensures we follow strict rules for services like Preloading, including safeguarding your funds and conducting required security checks.” The payment infrastructure is provided by Modulr: Preloading uses Modulr, an FCA-authorised e-money institution. On safeguarding, the FAQ says “100% of customer funds held as e-money are segregated from Modulr’s own business funds and kept in protected accounts at regulated banks or the Bank of England”, and that a positive balance from an overpayment or refund is also placed in a separate customer funds account.

The consumer credit permission (FRN 625592)

On the same date, the register entry for FRN 625592 showed the consumer credit permission with the status “Authorised, applied to cancel”, with that sub-status recorded since 19 March 2026. We are reporting what the register displayed; we have not been told why, and we are not going to speculate. What we can say is what it does and does not mean for a business cardholder.

Lending to a limited company is not regulated consumer credit. The Consumer Credit Act protections that personal cardholders take for granted, including Section 75, apply to individuals (and, in limited cases, to sole traders and small partnerships), not to companies borrowing in their own name. Capital on Tap only lends to Ltd, LLP or PLC, so its card lending sits outside that regime whatever the status of the consumer credit permission. That is consistent with what its FAQ has said all along: “No, Section 75 of the Consumer Credit Act 1974 does not apply to Capital on Tap business credit cards, as they are not regulated under this act.”

The practical consequences of that are the ones to focus on. You do not have Section 75 recourse against Capital on Tap if a supplier fails to deliver; you have Visa chargeback rights, which the FAQ describes in detail and which are usually limited to 120 days from the transaction and are not guaranteed to succeed. You do sign a personal guarantee: personal guarantee required. And your credit agreement is a commercial contract governed by its own terms rather than by a consumer statute. The personal guarantee guide and the fees and APR page are where those terms are unpacked.

You can check both entries yourself on the FCA Financial Services Register by searching the firm reference numbers, and the company record at Companies House.

Not a bank, and what that means for your money

Capital on Tap says so in its own footer: “New Wave Capital Limited (trading as Capital on Tap) is not a bank.” That has three implications, and it is worth separating them.

• Your card balance is a debt, not a deposit. The Financial Services Compensation Scheme protects deposits in failed banks. You do not have a deposit with Capital on Tap; you owe it money. If it failed, you would still owe the balance to whoever took over the book, and your available credit might be withdrawn. That is the same for any non-bank lender.
• Preloaded money is e-money, safeguarded rather than FSCS-protected. Money you put onto the account is held under the e-money rules described above, in segregated accounts through Modulr. The FAQ says this “ensures your money is protected and can be returned to you in the unlikely event of our insolvency”. Safeguarding is a different mechanism from FSCS, with different timings, so do not treat a preloaded balance as a savings account.
• Savings are with ClearBank, and are FSCS-protected. Instant Savings account powered by ClearBank, FSCS-protected. The footer explains the structure: customers “are introduced to ClearBank, with their deposits held by them as a ClearBank customer. Capital on Tap does not possess the customer’s savings at any time”. The FAQ confirms “eligible deposits in your Capital on Tap Instant Savings account are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000”.

Scale and network

Capital on Tap’s homepage says it is trusted by more than 300,000 UK businesses; other pages on its site give a higher figure, and we quote the lower one. Its About page claims more than £20 billion of funding provided to customers by 2025. Those are the company’s own numbers and we cannot audit them, but the order of magnitude is consistent with a business that has run a public securitisation and operates in two countries.

The card runs on Visa. That matters for legitimacy in a mundane way: a Visa-issued card is accepted “anywhere in the world that accepts Visa”, subject to Capital on Tap’s own blocks on certain merchant categories (gambling, securities brokerage, political organisations, fines, wire transfers and foreign currency purchases) and a short list of high-risk countries where the card will not work. The FAQ lists both. Virtual cards, Apple Pay and Google Pay are supported.

The common complaints, handled openly

We do not quote user reviews on this site, because we cannot verify them and because a handful of angry paragraphs tells you nothing about a base of hundreds of thousands of customers. What we can do is look at the mechanics in Capital on Tap’s own terms and FAQ, and at our own account, and tell you where the friction predictably arises. These are the themes.

Credit limits

This is the one we have first-hand. Our starting limit was lower than expected and increasing it has been quite difficult. Capital on Tap advertises limits up to £250,000, which is a ceiling, and it warns that a manual review can lower your limit as well as raise it. Anyone who applied expecting the advertised maximum, or a limit that grows briskly, is a candidate for disappointment. The credit limit page covers how limits are set and what Capital on Tap says moves them.

Declined applications

The referral terms state that Capital on Tap is “not required to accept any application, and any such acceptance is at our sole discretion”, and it does not discuss outcomes with third parties. A decline after a two-minute application feels abrupt, and Capital on Tap does not owe you reasons. The eligibility rules are at least clear: Ltd, LLP or PLC, £24,000 minimum annual turnover, no unsatisfied CCJs in the last 12 months, not in a high-risk industry. The eligibility page and checker help you find out before you apply.

Account reviews and paused spending

The FAQ’s list of reasons a card may be declined includes: “Is your account under review? If your account is under a periodic review, spending may be temporarily paused. We will contact you if this is the case.” A lender that reviews accounts periodically will sometimes pause one, and if it is yours, on a day you needed the card, that is a bad day. It is also how every regulated lender works.

Rewards forfeited after a late payment

points can be lost if you are more than 14 days late. The rewards terms: “If you are late paying under your Credit Account by more than 14 days, you may lose all Points in your Points Account that you have earned but not yet claimed”. The Refer a Friend terms say the same about the referral bonus. There is £0 charge for missing the minimum payment, which is generous, but the points penalty for falling behind is severe and it is the one people do not read. A failed Direct Debit because of wrong bank details in the application is the most avoidable way to trigger it.

Bill Pay has no chargeback

Bill Pay payments have no chargeback rights, and an authorised Bill Pay payment cannot be cancelled. Someone who uses Bill Pay expecting card-style protection and then has a dispute with a supplier has no recourse through Capital on Tap beyond proof of payment. The FAQ says exactly this; the suppliers guide explains when Bill Pay is and is not worth using.

Replacement cards you did not ask for

Capital on Tap’s FAQ has a whole set of answers about “BIN attacks”, where fraudsters guess card numbers at scale and Capital on Tap proactively cancels and reissues affected cards. The FAQ is clear that “a BIN attack is not a data breach and does not mean your personal details were leaked”, that the credit limit, rate and due dates are unchanged, and that a replacement virtual card is available immediately. It is still a nuisance, because every subscription on that card has to be updated, and it is a reason to give each subscription its own virtual card.

How to complain

Capital on Tap’s complaints procedure sets out the channels and the timelines. In its own words, the channels are:

• Phone: 020 8962 7401, 24/7.
• In-app chat: 8am to 8pm, via the question mark icon on the home screen.
• Email: complaints@capitalontap.com, including as much detail as possible and your preferred contact method.
• Post: Complaints Team, Capital on Tap, Capital Tower, Greyfriars Road, Cardiff, CF10 3AZ.

On timing, the FAQ says: “The Financial Conduct Authority (FCA) allows us up to 15 business days to provide a final response (extendable to 35 days in exceptional circumstances).” The complaints procedure page adds nuance: complaints about a payment service get a final response within 15 business days, extendable to 35 in complex cases, while “for everything else… we have a maximum of eight weeks to send our final decision”. If a complaint is resolved within three business days you receive a Summary Resolution Communication; if not, an acknowledgement by the fifth business day and a Final Response Letter once the investigation is complete.

complaints can go to the Financial Ombudsman Service. The FAQ: “if you are an eligible complainant and remain unsatisfied after receiving our Final Response Letter, you have the right to refer your complaint to the Financial Ombudsman Service (FOS) for free within six months from the date of our Final Response Letter.” “Eligible complainant” is doing work in that sentence: the Ombudsman covers micro-enterprises and small businesses within its size thresholds, and most Capital on Tap customers will fall inside them, but it is not automatic for every company. The Ombudsman’s details are at financial-ombudsman.org.uk.

Data and security

The FAQ is a reasonable guide to how Capital on Tap handles data and fraud, and it is more specific than most. The points that matter:

• Encryption and sharing. “We use bank-level security and encryption to keep your data secure. We only share information when required by law or as detailed in our Privacy Policy.”
• Open Banking. “Our Open Banking connection is provided by Plaid, which uses secure technology to link your accounts with your consent. You can revoke this access at any time.” Linked accounts are used to assess affordability and limit increases; you can unlink them in the portal.
• Genuine calls. “A security banner will appear at the top of the app screen to confirm you are on a genuine call with us. If you do not see this banner, hang up and call the number on the back of your card.”
• What it will never ask for. “A genuine security alert from Capital on Tap will never ask you for your password, SMS passcodes, or full 16-digit card number.” Emails come from an @capitalontap.com address; if in doubt, log in directly rather than clicking.
• Card controls. Cards can be frozen instantly in the app or portal, ATM use can be blocked per card, and virtual cards can be issued and cancelled at will.
• Fraud line. Unrecognised transactions go to the 24/7 line on 020 8962 7401; the card is cancelled and reissued and a dispute case opened.
• APP fraud. Some bank-transfer payments may be covered by the Payment Systems Regulator’s reimbursement rules for Authorised Push Payment fraud, subject to conditions the FAQ sets out; card transactions are not covered by those rules but have their own protections.
• Sanctions and restricted countries. The card will not work in a list of high-risk countries the FAQ names, and Capital on Tap says it performs extra checks where a business has connections to one.

None of that is unusual for a regulated payments firm. It is the ordinary apparatus of a company that handles card data at scale, and it is documented rather than asserted, which is what you want to see.

Trustpilot and app ratings

Capital on Tap’s own site shows 4.6/5 on Trustpilot, as stated on capitalontap.com, alongside 4.9/5 on the App Store and Google Play (Capital on Tap's own figure). We report those as Capital on Tap’s claims and we do not repeat individual reviews, star ratings or review counts, for the reasons in our editorial policy: we cannot verify them, they are easy to game in both directions, and a review score does not tell you whether the specific things that go wrong with this card will go wrong for you. The section above on common complaints is our attempt at the useful version of that information.

Our interest, disclosed

More on how we operate is on how we make money and about. Credit is subject to status and eligibility. Lender: New Wave Capital Limited (trading as Capital on Tap), company number 07959823.