Sonovate expands embedded finance offering

Ellie Duncan
28 Apr 2022

Fintech lender Sonovate has boosted its embedded finance offering with the launch of a new API-first platform.

The UK-based lender said its new platform will help businesses that hire contractors and freelancers to draw funding as and when they need it, “empowering them to better manage cashflow and respond to market demands”.

Among the features available on the platform are instant funding decisions and credit limits, variable advance and facility management, along with increased automation and enhanced reporting.

Richard Prime, co-founder and co-CEO of Sonovate, (pictured) said: “As the demand for flexible working increases, our customer needs have become more sophisticated. Our aim has always been to grow and enhance our offering and our cutting-edge tech now offers customers greater flexibility in managing their funding requirements, facilitating cashflow so they can focus on running their businesses.

“Our new platform will not only strengthen our lending service, but enable us to expand into new geographies and fund more types of businesses, especially larger businesses.”

Last year, Sonovate funded a total of £700 million, a 58% increase on 2020’s total funding of £444 million, while the volume of funding provided to enterprise customers soared 144% year-on-year.

It expects to reach £3 billion of total funding by summer 2022.

Since the start of 2020, the lender has onboarded more than 500 new clients, with many of those in its primary vertical, the recruitment industry.

Insight: How fintech is facilitating the future world of work