Sonovate expands securitisation to £240m with Lloyds onboard
By Gloria Methri
Sonovate, the provider of finance and payment solutions for the contingent workforce, has increased its securitisation to £240 million from the £165 million announced last year. This latest development comes with the strategic addition of Lloyds Bank to its group of finance providers.
In joining Sonovate’s finance providers, Lloyds Bank has committed to providing £100 million as part of the senior tranche. BNP Paribas, which was already a participant in the first round of securitisation, continues its support with £100 million, and M&G, a long-term funding partner, has also increased its overall contribution to £40 million.
This boosted securitisation and diversified funding expands Sonovate’s capabilities by enhancing the pool of the company’s lenders, thereby increasing capital efficiency. It also bolsters its capacity to broaden its customer base, particularly in the enterprise sector, and enables Sonovate to increase its funding to companies headquartered outside the UK, particularly in the Netherlands, where it opened its first international office earlier this year.
“This is an enormously exciting time for Sonovate. Our newly expanded financial capabilities allow us to take the next step on our mission to be the funding platform for the future of work, ensuring all workers get paid on time, every time, for the work they do,” said Richard Prime, Co-Founder and Co-CEO.
“We are particularly excited to grow our customer base in the Netherlands, where we intend to disrupt existing structures by offering alternative funding and pioneering technologies. Having the backing of lenders such as Lloyds gives us a huge boost, and we look forward to working alongside the team to provide better, more effective finance options to organisations across the globe.”
Miray Muminoglu, Head of Securitised Products Group and FIG DCM at Lloyds Bank said, “We are pleased to support Sonovate as they continue to develop innovative finance solutions for their clients in the recruitment sector. We look forward to seeing them progress in their growth journey.”
Renaud Chalmet, Deputy Head of Corporate Receivables Securitisation, BNP Paribas, added, “From the start, we have aimed to support Sonovate via this securitisation because we’re keen to empower the new way of working. We are excited to continue cooperating with them, as they introduce new products and services to support their customers around the world.”
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