Sonovate surpassed £2 billion in total funding during September 2021

By Joy Dumasia

Sonovate, a FinTech lender that provides embedded finance and technology services to contract and freelance businesses, has surpassed £2 billion in total funding during September 2021. Half of this total funding (£1 billion) was provided by Sonovate to businesses in the last two years (October 2019 to September 2021). This latest milestone has been achieved four times faster than the time taken to fund the first billion pounds. Alongside this reaching this latest milestone, Sonovate has achieved its most successful month yet in September, achieving £67 million in funding, a full £10million ahead of its previous best month. 

Over 30,000 freelancers, contractors and gig workers in more than 40 countries have now received payments from over 3,000 businesses funded by Sonovate. The average duration of new contract placements submitted for Sonovate funding increased by almost 50% in the first six months of 2021, indicating the fast-growing and global shift in preference by businesses and individuals alike towards more flexible, contract-based working.  

Sonovate, which began funding businesses to pay their temporary workers in 2013, is one of the fastest-growing business finance lenders in the UK, providing embedded finance services to recruitment businesses, consultancies and labour marketplaces of all sizes. Since 2020, the lender has onboarded more than 500 new clients, including a record number of enterprise businesses.

Richard Prime, Co-Founder and Co-CEO at Sonovate, said: “Since the start of 2021, we’ve closed a new deal with a business customer almost every single working day – helping hundreds more companies across Europe, Asia and the US to pay their people on time, every time. During the pandemic, our team worked tirelessly to remove barriers to growth and solve cash flow and working capital issues for thousands of businesses. During the pandemic, we were able to double our funding volume and onboard hundreds more new clients making this past September a record month for the business for funding performance.”