• Company increases securitisation to £240M from the £165M announced in 2022 and adds Lloyds Bank to its roster of finance providers.
  • Additional securitisation significantly expands Sonovate’s capacity to fund internationally, particularly in the Netherlands where it set up a new operation earlier this year.
  • Reinforces funder’s capability to provide flexible finance options for large businesses.

London and Cardiff, UK, 11 October 2023: Sonovate, the leading provider of finance and payment solutions for the contingent workforce, has announced a significant increase in 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, Sonovate’s 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.

The deal is an endorsement of Sonovate’s position as a fintech industry leader and recognises its growing strengths and ability to fund businesses from start-ups to large, multinational organisations.

“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,” comments Richard Prime, Sonovate Co-Founder and Co-CEO.  “We’re 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,”

This new milestone follows a series of new product announcements. Earlier this year, the company launched a new platform, giving customers the ability to request funding as and when they need it, in multiple-currencies and across multiple sectors and countries. It also provides enhanced operational efficiencies with faster onboarding, and integration with a multitude of industry leading finance packages to facilitate timesheet automation, payments, invoicing, reporting, and reconciliation.

For the first time this year, Sonovate also started funding permanent placements, a game changer, particularly for smaller recruiters, allowing them to leverage a new avenue to maximise cashflow and fuel business growth.

Miray Muminoglu, Head of Securitised Products Group and FIG DCM at Lloyds Bank, said: “We’re 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’ve aimed to support Sonovate via this securitisation because we’re keen to empower the new way of working. We’re excited to continue cooperating with them, as they introduce new products and services to support their customers around the world.”

Sonovate is on a fast-growth trajectory, last year it funded £1.1 billion marking a 58% increase over the previous year. To date, it has reached £4.2 billion in invoices funded. This growth is attributed to faster adoption of its services by large and enterprise-size recruitment businesses as rising costs force businesses to seek better cashflow options and drive growth.



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About Sonovate: Sonovate is the leading provider of end-to-end workflow technology and seamless access to finance at the point of need. Its funding and tech services cater to recruitment businesses, consultancies, and labour marketplaces who place permanent employees, contractors and freelancers around the world. Sonovate’s platform and expert service deliver swift credit decisions, same-day funding, credit insurance and collection services as well as timesheet and workflow automation, empowering companies to concentrate on expanding their business, confident that processes and funds are in place to meet payment deadlines. Since it started funding in 2014, Sonovate has lent over £4 billion to 3,300 businesses and 40,000 workers in 44 countries. www.Sonovate.com