Digital lender Sonovate, a firm that provides invoice finance and technology services, has announced a new embedded finance offering providing cloud-based, lending APIs.
Sonovate states that its “enterprise-grade” invoice platform can provide instant funding decisions, increased automation, enhanced reporting, and more for businesses that utilize this service.
Sonovate co-founder and CEO Richard Prime, explains that demand for flexible working increases and 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 reports that it funded a total of £700 million, representation a 58% increase on 2020’s total funding of £444 million.
The volume of funding provided to enterprise customers (firms with over £10,000,000 in revenue) increased by 144% year-on-year and enterprise customers now receive approximately one third of Sonovate’s total lending volume.
Sonovate began providing access to capital for businesses in 2013. The company claims to be one of the fastest-growing business finance lenders in the UK. Since the start of 2020, the Sonovate claims that it has onboarded more than 500 new clients, including a record number of enterprise businesses. Sonovate also states that it onboarded a record number of small and medium-sized businesses outside of the recruitment sector, while continuing to broaden its reach in the recruitment space – its primary vertical.
Sonovate predicts it will achieve £3 billion of total funding by summer 2022.