Sonovate reports record lending volumes as pandemic prompts new working patterns

People around the world are shifting in how they work owing to the pandemic. This is prompting businesses to rethink how they in turn recruit, retain and pay their workers.

Sonovate, a UK fintech lender, saw its loan originations surge 58 per cent to £700m in 2021, according to the company.

Based in London and Cardiff, the lender says it also saw its best-ever month with funding of £90m to customers in December. At the start of 2021, it was lending roughly half this amount.

Accelerating demand from enterprise businesses for its lending products, which help firms pay contractors and freelancers, owing to the pandemic has acted as a tailwind for the business.

“The future of work is fast becoming the present-day reality of work. Increasingly we’re seeing large-scale companies adapt how they staff their teams, appreciating the benefits to both businesses and individuals of contract-based and freelance working,” said Richard Prime (pictured), co-founder & co-CEO of Sonovate.    

“The frictionless provision of on-demand funding alleviates an enormous pain point that faces these larger businesses as they adapt to new working practices,” 

Sonnovate claims 30,000 people in over 40 countries are now paid by borrowers using Sonovate’s finance and says further strong growth is expected in the coming years and expects with more than £1.25bn of total funding in 2022 likely.