The news: Capital on Tap, a UK-based fintech that issues credit cards to small and medium-sized businesses (SMBs), scored a $100 million credit facility to fuel a deeper expansion in the US, as well as build up its headcount in the region, per AltFi. The fintech initially jumped into the US market in March and counts over 28,000 SMB card applicants in the US so far.

Going deeper on Capital on Tap’s US offerings: The US is Capital on Tap’s third operating market, after the UK and Spain.

The fintech presently offers one type of US credit card, per its website, which is in partnership with WebBank. The card has limits ranging from $1,000 to $50,000, along with 2% unlimited cashback.

Capital on Tap disclosed it has lended cash to over 100,000 SMBs since it began operations and that businesses have spent over $3.5 billion via its cards, AltFi reported.

The big takeaway: The company will face headwinds in the US from the crowded market of fintechs that focus on corporate credit cards, particularly given that established players have broader product lines.

Brex, for example, has a card with several points categories and now operates in business neobanking, and Ramp offers 1.5% cashback paired with its supplemental Ramp Savings feature. Moving forward, Capital on Tap will need to assemble a differentiated product lineup if it hopes to compete.