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.”

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