FinTech Sonovate exceeds £2bn funding

FinTech lender Sonovate has surpassed £2 billion in total funding as of September 2021.

Sonovate, which offers embedded finance and technology services to businesses that engage contract and freelance workers, said that it provided half of the funding to companies in the past two years.

Sonovate also achieved its most successful month yet in September, securing £67 million in funding, a full £10million ahead of its previous best month.

“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,” said Richard Prime, co-founder and co-chief executive, Sonovate. “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.”

    Share Story:

Recent Stories


New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.