Comparisons

Capital On Tap vs Funding Circle FlexiPay 2026

By Afshin · 11 May 2026 · 8 min read

Capital On Tap and Funding Circle FlexiPay are often considered together by UK SMEs looking for working capital credit, but they're built for different jobs. Capital On Tap is a true Visa credit card with rewards. FlexiPay is a revolving credit line you draw on like a loan. Here's a side-by-side 2026 breakdown of when each one wins.

What each product actually is

Capital On Tap is a Visa credit card with a credit limit up to £250,000, 1% unlimited cashback (or Avios on the £99/yr Rewards card), 56 days interest-free on purchases, and 29.95% representative variable APR if you carry a balance.

Funding Circle FlexiPay is a revolving business credit line up to £250,000. You draw funds on demand (sent to your bank account), then repay over 1-12 months with a fixed monthly fee instead of variable interest. There's no card — it's a transfer-based credit line.

Cost comparison

The headline numbers, normalised so you can compare like-for-like:

• Capital On Tap (paid in full): 0% effective cost + 1% cashback earned
• Capital On Tap (revolving): 29.95% APR variable, no cashback offset
• FlexiPay (1-month repayment): ~1% flat fee = ~12% APR equivalent
• FlexiPay (3-month repayment): ~3% flat fee = ~12% APR equivalent
• FlexiPay (12-month repayment): ~10% flat fee = ~10-11% APR equivalent

When Capital On Tap wins

Capital On Tap is the better choice when:

• You'll clear the balance every month (free credit + cashback)
• You need to make card payments (online subscriptions, supplier card payments, travel)
• You want contactless / Apple Pay / Google Pay capability
• You want a fee-free standard product (£0/yr vs FlexiPay's per-draw fees)
• You want rewards (cashback or Avios)

When Funding Circle FlexiPay wins

FlexiPay is the better choice when:

• You need a lump sum transferred to your bank account (e.g. for stock, equipment, supplier deposit)
• You'll repay over multiple months and want predictable fixed fees instead of variable interest
• You want to know the total cost upfront before drawing
• Your supplier won't accept card payment (or charges card surcharges)
• You want a credit line that doesn't sit on a card you might lose or have skimmed

Eligibility differences

The two products underwrite very differently — Capital On Tap is easier to start with, FlexiPay needs more trading history:

• Capital On Tap: Ltd / LLP, 3+ months trading, fair director credit, soft search at application
• FlexiPay: Ltd / LLP / sole trader, 12+ months trading, £100k+ annual turnover, hard search at application
• FlexiPay is generally harder to qualify for (requires established trading), but more lenient on adverse credit than Capital On Tap

Why most UK SMEs run both

The two products don't overlap — they're complementary. The common UK SME setup is: Capital On Tap as the everyday card for online subscriptions, travel, marketing spend and small purchases (earning cashback while paying the balance monthly), with Funding Circle FlexiPay as a backup credit line for larger one-off needs (a stock purchase, an equipment buy, covering a tax bill until receivables clear).

If you're starting with one, Capital On Tap is usually first — easier to qualify for, no annual fee, and the £75 welcome bonus with referral code 2REFY893A52 makes it free upside on day one.