UK fintech Sonovate passes US$2.7bn in total funding
Sonovate, the Cardiff-based embedded finance fintech, has announced it has surpassed $2.7bn in total funding - half of which has been raised over the past two years.
The company’s latest milestone has happened four times faster than it took to raise the first half of the capital, despite the global pandemic which in general saw investors tighten their purse strings for startups.
Sonovate, which is set to become the first fintech unicorn in Wales, raised $90.7mn in funding in September, reportedly, a full £10million ahead of its previous best month.
Gig economy fintech
Sonovate, which launched in 2013, has expanded its client base by over 500 new customers in 2021. The fintech company provides services that facilitate transactions in the gig economy. To date, more than 30,000 freelancers, gig workers and contractors have been paid by over 3,000 businesses via Sonovate.
As the gig economy has expanded, Sonovate has seen its services placed in huge demand. Data shows it is one of the fastest-growing fintechs in the UK. The average period of new contract placements submitted for its funding, increased by 50% in the first two quarters of 2021, suggesting there is a trend for businesses to adopt more flexible practices and contract-based working conditions.
Growing labour market and cash flow
Speaking to UKTN about the marketplace and how Sonovate is scaling according to demand,
Richard Prime, co-founder and co-CEO at Sonovate, explained, “Since the start of 2021, we’ve closed a new deal with a business customer almost every single working day – helping hundreds of more companies across Europe, Asia, and the US to pay their people on time, every time. During the pandemic, our team worked tirelessly to remove barriers to growth and solve cash flow and working capital issues for thousands of businesses."
He added, "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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